First Japanese company to list on Catalist plans to raise $6.5 million

Engineering and information technology (IT) services provider Xyec became the first Japanese company to list on Catalist, the Singapore Exchange's second board, on Wednesday.

The company launched an initial public offering of 25 million shares at 26 cents each.

Chief executive Manabu Kobayashi said the company plans to expand its operations in the Asean region. About half of its revenue now comes from customers in the Japanese automobile manufacturing sector.

It plans to raise proceeds of $6.5 million, which will be used for expanding existing business segments, developing new capabilities, growing overseas, and mergers and acquisitions.

The placement will close at noon on Sept 16, and listing and trading will start on Sept 18.