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LHN Holdings' Catalist IPO raises S$17m

The first initial public offering (IPO) of the year in Singapore has raised about S$17 million through placement shares.

Real estate management services firm LHN Holdings, which offered 73.9 million shares at S$0.23 each, said in a statement on Thursday that its shares were fully subscribed.

The company is listing on the secondary Catalist board and did not offer any IPO shares to retail investors.

It said that the IPO attracted "strong interest", but did not give figures to indicate the level of investor interest.

LHN operates in Singapore, Indonesia, Thailand and Myanmar. Executive chairman and group managing director Kelvin Lim said in a statement that the company intends to expand into other South-east Asian countries "as and when opportunities arise".

LHN said that it plans to buy more properties and look for properties to lease on a long-term basis. It also wants to grow its logistics services business by buying a transportation storage facility, and expand its facilities management arm by buying new car park equipment.

The stock is expected to begin trading on April 13.