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SINGAPORE: Homegrown tile supplier, Hafary Holdings, plans to raise net proceeds of S$4.8 million in an initial public offering in Singapore on Thursday.
It plans to list on SGX's Catalist board and is offering 32.5 million new shares at 20 cents each.
Established in 1980, Hafary is one of Singapore's leading suppliers of tiles with a head office, two showrooms and three warehouses.
The firm's customers include general walk-in customers at their showrooms, interior design or renovation companies, as well as project customers involved in major property developments who make bulk purchases.
The group plans to use all the net proceeds to fund possible acquisitions, joint ventures and strategic alliances when opportunities arise, and for general working capital.
Trading of the shares is expected to start on December 7. Collins Stewart is the sponsor and placement agent for the IPO.
- CNA/so
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