Engineering service provider Ever Glory to raise over S$3 million in Catalist IPO
Wong Pei Ting
MECHANICAL and electrical (M&E) engineering service provider Ever Glory United Holdings plans to raise over S$3 million through an initial public offering (IPO) on the Singapore Exchange (SGX).
The Singapore-based company, which was first incorporated in December 2021, is offering 14 million placement shares at S$0.22 apiece, according to its final offer document as it was formally registered on May 11.
Shares of Ever Glory will begin trading on the Catalist board of the SGX on May 18, it added.
Ever Glory is a company specialising in air-conditioning and mechanical ventilation systems, electrical engineering systems, fire prevention and protection systems, plumbing, sanitary and gas systems, as well as integrated building services.
Its product highlights sheet listed that it has projects in both the public and private sectors, including the development and redevelopment of public housing residential flats under the Housing and Development Board, private schools, mixed-use properties, and commercial buildings.
The group has a wholly-owned subsidiary, Sunbeam M&E Private Limited.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
For its latest financial year ended Dec 31, 2022, Ever Glory reported a profit of S$1.8 million, almost three times the amount it made in 2021, as its revenue rose 49.1 per cent to S$28 million, from S$18.8 million in FY2021.
Ever Glory said that with the IPO, it intends to further strengthen its market position and broaden its income sources.
Its future plans are scaling its existing business to include the provision of M&E maintenance service, and venturing into property development and property investment.
On the property front, it said it intends to start from small to medium-sized projects in Singapore, with an aim to reduce reliance on its existing core business of providing M&E engineering services and create additional revenue streams for the group.
The group may also subsequently venture into other countries should the opportunity arise, it added.
Ever Glory’s chairman Sun Renwang and chief executive officer Xu Ruibing currently hold an equal 46.4 per cent interest in the company. After the placement, their deemed interest is expected to drop to 38.7 per cent each.
Copyright SPH Media. All rights reserved.
