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Maid agency Nation Employment files for Catalist listing
ADVANCER Global, a firm comprising maid and foreign worker employment agencies, a cleaning and stewarding services arm and a security services arm, has lodged a preliminary prospectus for a Catalist listing.
The firm made a net profit of S$4.4 million in 2015 on S$45 million of revenue. In 2014, it made a net profit of S$2.6 million on S$39 million of revenue.
Nearly half of revenue and profit is contributed by the fast-growing cleaning and stewarding services arm, which provides a mix of cleaning and kitchen maintenance services to customers like hospitals, restaurants, hotels and shopping malls.
The maid agency, Nation Employment, is in a business segment that made S$12.8 million of revenue in 2015 and S$1.5 million of profit before tax.
Advancer is listing to raise its profile and allow stakeholders to take part in its growth. It plans to use initial public offering (IPO) funds to expand its cleaning, stewarding and security services businesses, such as through acquisitions. It also plans to use funds for branding initiatives for its maid agency.