THE initial public offering of Sheffield Green closed with 24 million of its new shares fully subscribed at S$0.25 a piece.

The human resources provider of the renewable energy sector said on Friday (Oct 27) that the 3.6 million shares offered in the public tranche received about 4.9 million valid applications. This translates to a subscription rate of 1.4 times.

All 20.4 million shares in the private placement tranche were also fully alloted. The Business Times understands that the subscription rate for the placement tranche came in at around 1.3 times.

The counter is expected to start trading at 9am on Oct 30 on the Singapore Exchange’s Catalist board.

Sheffield Green’s chief executive officer Bryan Kee said listing on the Catalist board is a strategic move that “not only enhances our global brand visibility, but also opens doors to expansive capital resources”.

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

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Of these proceeds, S$2.1 million will be utilised for expanding its operations, while S$1.05 million will be used for expanding its complementary offerings, new product lines and other technical services.

The rest will be for general working capital purposes.

Evolve Capital is the sponsor and issue manager of the deal.

Kee has previously told BT that the immediate priority would be to put the funds into setting up a training school in Taiwan to build up the territory’s offshore wind expertise, and also to open more offices beyond Asia.

The company plans to open an office in Poland by November, to manage offshore wind projects in the Baltic region. It will also open one in Boston in the United States by the first quarter of next year, given that work has begun on its first offshore wind project in New York.

Currently, most of its business is from offshore wind projects in Taiwan. Kee estimates that Sheffield Green is involved in about 80 per cent of all offshore wind farms across the supply chain there. It entered the Japanese market in 2021, and is now looking at the South Korea market.