Alpina Holdings, a local contractor providing integrated building services (IBS), mechanical and electrical (M&E) engineering services, and alteration and addition (A&A) works to public and private sector projects, announced that its initial public offering (IPO) of 37.0 million shares at 31 cents each on the Catalist Board of Singapore Exchange (SGX) has attracted strong interest from investors.
At the close of the application list at 12.00pm on Jan 26, all 37.0 million placement shares, comprising of 32.0 million new shares and 5.0 million vendors shares, were validly and fully subscribed for and/or purchased. Through this IPO, Alpina managed to raise some $11.5 million.
Among others in the investment community, investors such as Mah Bow Tan, Pheim Asset Management and Eternal Glade Investment have applied for and been allotted 5.0% or more of the placement shares.
United Overseas Bank is the sponsor and issue manager and placement agent and UOB Kay Hian is the sub-placement agent for the placement.
Alpina’s shares are expected to commence trading on a “ready” basis at 9.00am on Jan 28.
Low Siong Yong, executive chairman and CEO of Alpina says, “We are very encouraged by the positive response to our IPO from the investors, and we believe their warm reception underscores the strength of our group’s business fundamentals as a reliable provider of building maintenance services with a solid public sector clientele, that is well-positioned to harness growing market opportunities.”
See also: Goodwill Entertainment launches IPO at 20 cents per share
“Our listing on Catalist serves as a strategic platform to enhance the visibility and image of our group as we push forward with our efforts to expand our existing business, as well as strengthen and accelerate the extension of our integrated facilities management (IFM) services,” adds Low.
