Ever Glory, on Oct 14, said it had applied to transfer to the Mainboard. The group received the receipt of approval on Nov 22.
On Dec 10, the group said it would offer 2 million new shares in its share capital at 64 cents apiece to fulfil the minimum shareholder requirement of 500 to list on the Mainboard. The public offer was 7.6 times subscribed, with the group receiving 15.29 million valid applications.
On Dec 22, Ever Glory’s shareholders voted overwhelmingly in favour of the proposed listing and the proposed adoption of the new share issue mandate at 99.79% and 97.50% respectively.
At the listing ceremony, CEO Xu noted that the group had fulfilled its goals to list on the Mainboard within five years of its initial public offering (IPO) and become one of the fastest-growing traditional industry counters among others.
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Since its IPO market cap of $18.6 million, Ever Glory’s market cap rose to some $312.5 million as at its last close of 82 cents on Dec 26.
“We’ve always made our decisions for the benefit of our minority shareholders, ensuring that their interests - regardless of shareholding size - are protected,” said Xu in his opening remarks delivered in Mandarin.
Xu also expressed three more wishes post-listing: to become a growth company with good dividends; to conduct more acquisitions, especially potential cross-industry and cross-sector acquisitions; and to expand beyond Singapore to seek better opportunities and unlock greater value.
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Since its listing in May 2023, Ever Glory has completed two acquisitions: Fire-Guard Engineering in 2024 and Guthrie Engineering (S) this year. Ever Glory says it has shown consistent earnings growth, reaching $8.96 million for FY2024 versus $1.77 million in FY2022.
Chia Caihan, SGX’s senior vice president and head of its Greater China capital markets, lauded Ever Glory’s “significant” achievement.
“Ever Glory has demonstrated strong resilience to stand tall in the competitive engineering services field, gain the focus and agility needed to expand your technical capabilities and strengthen your portfolio of services,” she said.
Describing the group’s progress as “exceptional”, Chia noted that the group’s move to the Mainboard will open the door for the “next phase of growth”, bringing a “broader investor base, greater visibility and access to deeper pools of capital”.
As at 10.47am, shares in Ever Glory are trading 1 cent lower or 1.22% down at 81 cents, but up 179.3% year-to-date.
