Bookmark & Share
Unfazed with the absence of listings in the past three months, LHN Group is set to carry out the first Initial Public Offering (IPO) on the Singapore Exchange (SGX) for this year, according to media reports.
“There is no right or wrong time to list a company. Having a listed status, we can attract more talents to join us. We are also able to better represent ourselves overseas other than Singapore. And we are bullish about our growth and we are in the growth phase, so we feel that it is a good time,” said its Group Managing Director Kelvin Lim.
Based on the prospectus it submitted yesterday, the company plans to raise up to S$17 million in gross proceeds (S$14.4 million net proceeds) by issuing 73.9 million shares at 23 cents apiece.
This represents about 20 percent of LHN’s enlarged share capital and the amount will be used for expanding its logistics and space optimisation services in Southeast Asian countries like Thailand, Myanmar and Indonesia.
The listing is expected to close next Thursday, while the trading of its shares would commence on 13 April 2015. According to media reports, the sponsor, placement agent and issue manager for the IPO is PrimePartners Corporate Finance.
It is noted that LHN’s business is to acquire master leases of properties and redesign them to increase their net lettable area (NLA). LHN also operates serviced offices under its GreenHub brand.
Image: LHN’s GreenHub Suited Office, Phoenix Park. (Source: LHN)
Nikki De Guzman, Editor at CommercialGuru, edited this story. To contact her about this or other stories email nikki@propertyguru.com.sg.
Related Articles:
Singapore outbound investments hit S$12.29bil