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SINGAPORE : The initial public offering (IPO) of civil engineering firm Hock Lian Seng Holdings (HLS) has received strong investor support, with its share offering being nearly six times subscribed.
The company has raised approximately S$25.6 million from the IPO.
By the application deadline on Thursday, there were 8,286 valid applications for over 555 million shares worth some S$139 million.
HLS' IPO of 110 million shares, excluding over-alloted shares, consisted of a public offer of 2.2 million shares and a placement tranche of 107.8 million shares.
Among the institutional investors that have gained a stake in the company are Whitefield Capital Management, which has been allotted 10 million shares, representing approximately 9.1 per cent of the total invitation size.
The company's mainstay business has been construction of public sector projects. One of the company's major projects is the construction of a new train station near Marina Bay.
Its other major projects included contracts from the Civil Aviation Authority of Singapore, the Housing and Development Board and PSA Singapore Terminals.
HLS CEO Chua Leong Hai said that the overwhelming response to its IPO is encouraging and the company will bid for new large-scale projects to strengthen its market position and to enhance shareholder value.
Trading of the new shares on the Singapore Exchange's Mainboard will commence on Monday. - CNA/ms
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