DLF Holdings closes IPO with placement shares fully subscribed

MECHANICAL and electrical engineering services firm DLF Holdings has successfully placed out 18.5 million new shares at S$0.23 per share, raising gross proceeds of about S$4.26 million for its initial public offering (IPO).

Listing and trading of the company's shares on the Catalist board of the Singapore Exchange is expected to begin at 9am on July 25.

In a release on Monday, the group said it received strong interest from investors. Wong Ming Kwong, chief executive of DLF, said: "I would like to thank our investors for their support for our IPO and wish to assure them that we will work hard to expand our business by taking on more projects and growing via mergers and acquisitions. We are confident of our growth prospects and potential and we hope to be able to deliver long-term shareholder value through our plans and strategies."

The net proceeds total around S$2.85 million, after subtracting listing expenses, it said. S$1 million will be invested towards exploring opportunities in mergers and acquisitions, joint ventures and strategic alliances, while the rest will go towards general working capital, as it plans to employ more professional and technical personnel with relevant experience and qualifications. 

PrimePartners Corporate Finance is the sponsor, issue manager and placement agent for DLF.