Homegrown total mooring solutions provider Mooreast Holdings has registered its initial public offering (IPO) on the Catalist Board of SGX.
The IPO entails a public offer of 800,000 offer shares at 22 cents each and a placement of 38,050,000 placement shares at 22 cents each, payable in full on application. This brings Mooreast's market capitalisation to $57.0 million.
Total gross proceeds of approximately $8.5 million will be raised from the IPO.
Mooreast has shown both revenue and profit over the past three years, with the latest FY2020 showing an increase in revenue and profit despite the Covid-19 pandemic.
See: Mooreast submits preliminary prospectus amid year end surge in IPOs
The application list will close on Nov 22 at 12:00 noon and the company’s shares are expected to commence trading on a ready basis on Nov 24.
See also: Goodwill Entertainment launches IPO at 20 cents per share
W Capital Markets is the sponsor, issue manager and placement agent -- the first IPO handled by this homegrown corporate finance firm. UOB Kay Hian is the underwriter for this IPO.
Mooreast has also disclosed in the offer document that it has received funding from Singapore-based global investor EDBI. The investment will support Mooreast’s on-going business transformation and its increased focus on offshore renewables and sustainability.
With this listing, Mooreast intends to use the funds to develop and grow its latest renewable energy division, expand and upgrade its current facilities, as well as expand and diversify its products and services offerings and capabilities.
See also: Food Innovators Holdings lodges preliminary offer document for Catalist listing
To expand its renewable energy division Mooreast intends to step up marketing and business development efforts in key markets such as Europe and Asia, increase manpower to meet anticipated demand, and deploy a research & development team to source for new products and technology.
Having recently acquired 51 Shipyard Road in July, Mooreast plans to upgrade the facility to undertake fabrication of floating and related steel structures used in the floating offshore wind farm industry. Mooreast will invest in additional equipment and machinery to upgrade the facility which has a 200-metre waterfront.
Mooreast will also expand and diversify its products and service offerings and capabilities through own investments or potential mergers and acquisitions, joint ventures and/or strategic collaboration.
Sim Koon Lam, executive director, CEO and deputy chairman of Mooreast says, "We are leveraging our deep domain knowledge and strong track record as a leading mooring solutions specialist in the O&G and marine sector, and diversifying our skillset to serve the offshore renewable energy sector. Mooreast is tapping the capital markets to fund these growth strategies. We are excited to embark on a major new chapter of growth."
Photo: The Edge Singapore/ Albert Chua
