LHN launches first IPO of 2015, to raise S$17 million
LHN Limited on Wednesday launched the first initial public offering (IPO) of the year, bringing an end to a three-month dearth of new listings on the Singapore Exchange (SGX).
The first quarter of 2015 had seen no new IPOs at all, making it the first empty quarter for new listings since 2000. But despite the lack of activity, the local real estate management and space optimisation group is optimistic about the long-term benefits of listing on the Catalist board.
The group is planning to raise gross proceeds of about S$17 million, (net proceeds of about S$14.4 million), by placing out 73.9 million shares (representing about a fifth of the company's enlarged share capital) at 23 Singapore cents each.
The proceeds will go towards expanding its space optimisation and logistics services in the Asean region, including Indonesia, Myanmar, and Thailand.
The placement will close at 12 noon on April 9, and the listing and trading of its shares is expected to begin at 9am on April 13.
PrimePartners Corporate Finance is the sponsor, issue manager and placement agent for the IPO.
LHN does not have a fixed dividend policy, but plans to pay out dividends of at least 20 per cent of its net profit after tax attributable to shareholders for FY15 and FY16.
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