SINGAPORE - A local crane rental company is looking to raise about $6.8 million by listing on the Singapore Exchange's Catalist board.
However, no shares of MS Holdings will be made available to retail investors at its initial public offering (IPO).
It is offering 27 million shares at 25 cents apiece to institutional investors only.
Mr Jovan Yap, executive director and chief executive officer of MS Holdings, told The Straits Times that the firm mostly wanted to be listed for better branding, which he said would help it attract talent and grow further.
He added that he was "not worried" about the dismal state of the Singapore market, saying: "There's no correct timing."
MS Holdings mainly rents out mobile cranes and lorry cranes for short-term use, which can range from four hours to a day. Mr Yap said this brings in higher profit margins than longer-term rental.
Its customers range from the construction industry to the logistics, offshore and marine sectors.
The company said that it plans to use the proceeds from the IPO to grow its crane trading business, wherein it buys secondhand cranes, refurbishes them then sells them to crane rental companies in emerging markets.
The counter will debut on the Catalist on Nov 7.