Sanli Environmental makes firm debut on Catalist

SANLI Environmental made a firm debut on the Catalist board of Singapore Exchange (SGX) on Thursday, opening at S$0.40, almost double its issue price of S$0.225.

At 10.33am, the stock retreated 3 Singapore cents to S$0.37, with 22.9 million units changing hands, making it among the most active counters in early morning trade.

The environmental engineering company in the field of water and waste management had received warm investor interest for its initial public offering (IPO) of 52 million new shares at S$0.225 each, which were 12.8 times subscribed.

Pre-IPO investor Vanda 1 Investments, managed by Heliconia Capital Management, had raised its shareholding to 7.97 per cent post-invitation, while ICH Gemini Asia Growth Fund and private investor Jeremy Lee Sheng Poh have subscribed for 17.2 million placement shares.

With a market capitalisation of over S$60 million, Sanli brings the total number of companies listed on Catalist to 193 with a combined market cap of more than S$12 billion, said SGX.