Union Gas launches IPO for Catalist listing

Singapore

BOTTLED gas supplier and compressed natural gas (CNG) provider Union Gas launched its initial public offering (IPO) on the Catalist board on Thursday, with the group planning to use the funds raised to acquire other LPG dealers and also move into the piped natural gas business.

Union Gas Holdings is offering 60 million shares, comprising 30 million new shares and 30 million vendor shares, at 25 Singapore cents each. With an enlarged share capital of 200 million shares after the IPO, the group will have an initial market capitalisation of about S$50 million.

Some 58.72 million shares will be placed with institutional investors, while 1.28 million shares will be offered to the public.

Chief executive Alexis Teo in a media interview said: "(The IPO) is to raise brand awareness and also because our customers have been supporting us for so many years. So we thought this would give members of the public a chance to participate in the equity growth of our company…