Fire protection specialist Deluge Corp files preliminary prospectus for mainboard IPO

[SINGAPORE] Fire protection specialist Deluge Corp on Tuesday (Sep 29) lodged a preliminary prospectus to list on the mainboard of the Singapore Exchange (SGX). The offer will comprise a placement to institutional and other investors, with a public offer in Singapore.

Separately, 23.4 million cornerstone shares will be issued to investors including Amova Asset Management Asia, Avanda Investment Management, HB Equity Partners and Whitefield Capital Management, as well as several individual investors.

The offer size, price ​and listing date were not disclosed in the preliminary prospectus.

Proceeds from the offering and the cornerstone tranche will go towards investing in:

• infrastructure, facilities and operational capabilities;
• strategic partnerships, acquisitions, joint ventures and regional expansion; and
• business expansion, including by participating in more tenders and taking on larger contracts.

Deluge intends to recommend dividends of at least 25 per cent of its net profit, excluding non-recurring and one-off items, for financial years 2027 and 2028.

Established in 1983, the private company has amassed more than S$1 billion in cumulative project works across Singapore’s critical infrastructure.

It is also one of eight contractors holding the highest ME06 (Fire Prevention & Protection Systems) L6 grade from the Building and Construction Authority, which carries no tender value limit for public-sector projects. 

Frost & Sullivan ranked Deluge as Singapore’s largest fire detection and protection player in 2025, with an estimated market share of 8.3 per cent. Its projects span sectors such as transport, healthcare, aviation, commercial and residential buildings, data centres, and offshore and marine. As at Mar 31, Deluge had an order book of about S$410.8 million, of which S$357 million were from government projects.

The company’s order book stood at S$433 million as at Sep 16, the latest practicable date, with the projects expected to be largely fulfilled over the next four financial years, according to the prospectus.

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Group revenue fell 16.5 per cent to S$116.7 million in the company’s FY2026 ended Mar 31, 2026, from S$139.8 million in FY2025. This was mainly due to lower revenue from installation of fire systems, as several major ongoing projects that had reached peak execution in FY2025 returned to more normalised activity levels.

Net profit fell to S$11.8 million in FY2026 from S$17.9 million in FY2025. Still, gross profit margin rose to 33.2 per cent from 30.4 per cent, helped by stronger margins from distribution and maintenance and servicing contracts, including higher-margin addition and alteration and upgrading works.

SAC Capital is the issue manager for the offering, and Maybank Securities and SAC Capital are the joint bookrunners and underwriters.