SINGAPORE - Mechanical and electrical engineering services firm DLF Holdings made its Catalist trading debut on Wednesday, opening at 22 cents apiece, down from its initial public offering (IPO) placement price of 23 cents.

Its 18.5 million new shares placed out in its IPO were fully subscribed, raising gross proceeds of about $4.26 million, with net proceeds of around $2.85 million after subtracting listing expenses. In a statement on Monday, the firm said that $1 million of this will go towards exploring opportunities in mergers and acquisitions, joint ventures and strategic alliances, while the rest will be used as general working capital, as it plans to employ more professional and technical personnel.

The firm operates mainly as a sub-contractor for its project management services, which include work for plumbing and sanitary systems, as well as ventilation and air-conditioning systems.