Memiontec Holdings made its Catalist trading debut yesterday, with its stock closing at 25 cents, higher than its initial public offering (IPO) price of 22.5 cents after 1.97 million shares changed hands.

The water treatment company operates in Singapore, Indonesia and China and has more than 20 years of experience in the field of water and wastewater management services, the Singapore Exchange (SGX) noted.

It is known for clinching the $33.2 million upgrading project for the Tuas South Desalination Plant from PUB after the national water agency took it over from the embattled Hyflux.

Memiontec chief executive Tay Kiat Seng said the firm has built a "sizeable regional business", tapping the growing demand for treated water in the region, particularly Indonesia.

Mr Mohamed Nasser Ismail, SGX's global head of equity capital markets, noted that water sustainability is a key regional issue. "Demand for water is expected to grow exponentially along with urbanisation, industrial and agricultural needs, and the company is well positioned to tap into this opportunity."

Memiontec lodged its final prospectus on Feb 21, launching its IPO of 33.5 million placement shares at 22.5 cents each. There was no public offer. The placement represents about 15.2 per cent of the enlarged share capital. The remaining stake will be mainly held by Mr Tay and managing director Soelistyo Dewi Soegiharto, the co-founders of the group. Ms Dewi is also Mr Tay's wife. Mr Tay said the proceeds will fund expansion.

With a market cap of close to $50 million, the listing of Memiontec Holdings brings the total number of companies on the Catalist board to 218, with a combined market cap of about $9 billion.

THE BUSINESS TIMES

Note: This story has been edited for clarity.