Kin Global eyes S$10 million Catalist IPO to grow events tourism business

[SINGAPORE] Sports events manager Kin Global expects to raise S$10.1 million in gross proceeds through an initial public offering (IPO) on the Singapore Exchange’s (SGX) Catalist board, with an estimated market capitalisation of about S$44.9 million after listing.

Kin said on Tuesday (Apr 14) that it intends to use the IPO to strategically scale into the larger events tourism industry, with one of its key strategies being the enhancement of capabilities and expansion of offerings through mergers and acquisitions.

The IPO consists of one million shares via public offer at S$0.23 each and 23.9 million placement shares at S$0.23 each, according to Kin’s final offer document filed on Tuesday.

Separately, cornerstone investors – including Amova Asset Management Asia, Apricot Capital, Asdew Acquisition, Ginko-AGT Alpha Fund VCC, ICHAM Master Fund VCC, Qilin Wealth Fund and Rudolf Jurgen August Rolles – have agreed to subscribe for 19.2 million shares at S$0.23 each.

Kin expects to raise net proceeds of about S$7.4 million. A majority of these funds will be allocated to mergers and acquisitions (M&A), strategic investments, joint ventures (JVs), alliances and partnerships to expand the group’s presence within the broader events tourism sector.

The move comes amid government-backed growth in Singapore’s events tourism sector, with tourism spending projected to reach about US$28.6 billion by 2029, based on a report by Euromonitor International.

“With Singapore positioning itself as a global events hub, we see significant opportunities ahead, and our listing will provide us with the platform to accelerate our growth, which in turn creates long-term value for our shareholders,” said Kin’s executive chairman Ko Chee Wah.

“Winning a prize”

Home-grown Kin was founded in 2017 and has delivered over 500 projects, capturing an estimated 17.3 per cent share of the local sports events management market in 2024.

Led by Ko and executive director and CEO Vincent Chai, Kin Global operates two main business segments: events delivery and management services, as well as design and build services.

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In a recent interview with The Business Times, Ko described listing on the Singapore Exchange as akin to “winning a prize”, pointing to the stringent listing requirements.

Chai said that Kin intends to leverage its sports event expertise to secure more projects across the broader events tourism space, noting that while the operational “DNA” may vary between sports, Mice (meetings, incentives, conferences and exhibitions), and entertainment events, the overarching objective remains the same: driving tourism to Singapore.

SAC Capital is acting as sponsor, issue manager, underwriter, and placement agent for the IPO. The IPO implies a price-to-earnings ratio of 8.71 times based on profit attributable to Kin for the trailing 12 months ended Sep 30, 2025.

For the nine months ended Sep 30, 2025 (9M 2025), Kin recorded about S$56.5 million in revenue – more than seven times the S$8 million reported for the same period in 2024. Gross profit rose to about S$9.2 million from S$2.7 million a year earlier, while net profit surged to S$4 million from S$400,000.

Kin’s offer will close at 12 pm on Apr 21, with shares expected to commence trading on the SGX Catalist board on Apr 23.