Eindec Corp completes IPO; raises net proceeds of $4.6 million

SINGAPORE - Eindec Corp, a regional clean air environmental and technological solutions provider, has completed its initial public offering (IPO).

Its placement of 35.8 million shares closed on Wednesday (Jan 13) at noon, and was fully subscribed.

It plans to use the net proceeds of about S$4.6 million to set up Eindec's new business for environmental and technological solution products in China, invest in research and development (R&D), and working capital requirements.

Eindec Group's chief executive Paul Chia said in a statement: "The successful completion of our IPO represents another strategic milestone in our Group's operating history since 1984."

The listing and trading of Eindec shares is expected to start on Friday (Jan 15) at 9am on the Catalist board.

UOB Kay Hian Private is the IPO's issue manager, sponsor, and placement agent.

rachaelb@sph.com.sg