DLF shares slip in Catalist trading debut

Singapore

MECHANICAL and electrical engineering services firm DLF Holdings' shares closed down at 16.9 Singapore cents in the firm's Catalist trading debut on Wednesday, with 2.63 million shares changing hands.

DLF's shares had opened at 22 Singapore cents apiece, down from its initial public offering (IPO) placement price of 23 Singapore cents. The 18.5 million new shares placed out in its IPO were fully subscribed, raising gross proceeds of about S$4.26 million, with net proceeds of around S$2.85 million after subtracting listing expenses.

In a statement on Monday, the firm said that S$1 million of this will go towards exploring opportunities in mergers and acquisitions, joint ventures and strategic alliances. The rest will be used as general working capital.

The firm operates mainly as a sub-contractor for project management services, which include work for plumbing and sanitary systems, as well as ventilation and air-conditioning systems.