Singapore

TRANS-CAB Services Pte, Singapore's second-biggest taxi operator, is preparing an initial public offering in the city that could raise at least S$100 million, people with knowledge of the matter said. The company plans to sell shares by the end of the year, the people said, asking not to be identified as the process is private. Proceeds from the offering, which will consist mostly of new shares, will be partly used to boost Trans-Cab's fleet and construct a new head office, according to the people.

Trans-Cab had 4,650 taxis at the end of August, trailing only ComfortDelGro Corp's 12,557 vehicles in Singapore, according to data from the Land Transport Authority. The company, headed by managing director Teo Kiang Ang, was set up in 2003 when the government opened up the industry, its website shows.