The firm made a relatively quiet IPO in March 2022, raising just over $5 million by selling shares at 23 cents, including only 500,000 shares to the public. With a quick succession of new contracts and strong earnings growth, Oiltek’s shares began a steady climb to become a rare 30-bagger, including dividends and a bonus share issue. It hit a peak of $2.46 on April 21, which lifted Oiltek’s market capitalisation above the $1 billion mark, before easing slightly to close at $2.13 on May 6.
Oiltek International’s CEO Henry Yong is relying on demand for food and energy security to drive its next phase of growth, anchored by recurring income, a resilient business model and renewable energy
With the recent pick-up in Singapore’s equities market, there has been a growing list of multi-baggers that have successfully caught investors’ attention with their growth stories. Few in the Singapore Exchange (SGX)-listed universe have come close to Oiltek International.
