LHN Logistics prices its IPO for placement at S$0.20 each to raise S$5m

LHN Logistics lodged its final offer document on Tuesday (Apr 19) as its parent company, property player LHN Group, looks to spin off and list its logistics arm. Through the initial public offering (IPO), LHN Logistics will raise approximately S$5 million through the listing of 25,238,000 placement shares at S$0.20 each.

The net proceeds will amount to approximately S$3.6 million, after deducting the estimated listing expenses payable in cash by the company. S$3.2 million of the net proceeds will go towards the partial financing of the construction of the company's ISO tank depot at 7 Gul Avenue, while the remainder will go towards the expansion of the company's transportation fleet and acquisition of moving equipment.

Based on the placement price and post-placement share capital of 167,678,800 shares, the newly-listed company will have a market capitalisation of S$33.5 million.