Sheffield Green closes at S$0.19 on Catalist debut, 24% below IPO price

SHEFFIELD Green, which provides human resources for the renewable energy sector, closed at S$0.191 on its trading debut on the Singapore Exchange’s (SGX) Catalist board on Monday (Oct 30) – 23.6 per cent or S$0.059 below its initial public offering price (IPO) of S$0.25 per share.

The counter started trading under the code “SGR” and opened at S$0.21 as at 9 am, which was 16 per cent below its IPO price. The counter was also trading at S$0.215 during pre-open.

By 9.52 am, Sheffield Green’s shares were trading at S$0.188, down 24.8 per cent from its IPO price, with 1.7 million shares changing hands.

Sheffield Green’s trading debut comes days after the company announced that its IPO was 1.4 times subscribed. On Friday, it said its 3.6 million shares offered in the public tranche received about 4.9 million valid applications.

All 20.4 million shares in the private placement tranche were also fully allotted with a subscription rate of 1.3 times, The Business Times understands.

After deducting expenses amounting to S$2.2 million relating to the listing, the company raised S$3.8 million.

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Proceeds raised from the IPO will be used to expand Sheffield Green’s operations, while S$1.05 million will be used to broaden its complementary offerings, new product lines and other technical services. The rest will be for general working capital purposes.

Headquartered in Singapore, Sheffield Green provides human resources services such as the sourcing and training of workers, and providing equipment kits such as personal protective equipment. It has subsidiaries in Singapore and Japan, and a branch office in Taiwan.

In a joint statement with SGX on Monday, Sheffield Green’s chief executive Bryan Kee said the Catalist listing would help the company increase its brand awareness and connect with its clients worldwide.

“As a publicly listed company, we will be able to leverage market trends in the renewable sector and expand our human resource services on a global scale,” he added.

The group aims to extend its reach to markets such as Poland, Germany and the US, where renewable energy demand is growing at a rapid pace, Kee said. Work has already begun on its first offshore wind project in New York, with plans for a Boston office by the first quarter of 2024.

Sheffield Green plans to open an office in Poland by November to manage offshore wind projects in the Baltic region. Previously, Kee said the immediate priority would be setting up a training school in Taiwan to boost the territory’s offshore wind expertise.