Lum Chang Creations shares jump 22% on Catalist debut

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The company's managing director Lim Thiam Hooi said the listing comes at a time when demand for revitalisation and preservation work is rising.

The company's managing director Lim Thiam Hooi said the listing comes at a time when demand for revitalisation and preservation work is rising.

PHOTO: LIANHE ZAOBAO FILE

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  • Lum Chang Creations' IPO raised $12.25 million with shares opening at 30 cents; the public tranche was 47.3 times oversubscribed.
  • Specialising in conservation and restoration, the company has a $122.8 million order backlog.
  • Lum Chang Creations intends to recommend dividends of at least 30 per cent of net profit for 2025 and 2026.

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SINGAPORE - Shares of interior fit-out firm Lum Chang Creations surged on its debut on the Singapore Exchange’s (SGX) Catalist board on July 21.

The counter opened at 30 cents per share, rising as high as 33.5 cents before closing at 30.5 cents, 22 per cent above its initial public offering (IPO) price of 25 cents. This works out to a market capitalisation of about $96 million. Some 21.1 million shares changed hands.

Shares of Lum Chang Holdings rallied more than 1 per cent before closing unchanged at 40.5 cents.

Lum Chang Creations raised $12.25 million in the IPO with an offering of 49 million shares, comprising one million under a public offer and 48 million through placement. The public tranche was about 47.3 times oversubscribed by retail investors.

The company, a spin-off from mainboard-listed real estate developer Lum Chang Holdings, specialises in conservation and restoration interior fit-outs, among other works.

Its managing director Lim Thiam Hooi told The Straits Times in a recent interview that the company’s listing comes at a time when demand for real estate revitalisation and preservation work is on the rise, backed by public and private sector jobs.

The company’s track record includes work at St James Power Station and the Red Cross House. It is also involved in projects such as restoring the facade of the National Museum building and had an order backlog worth $122.8 million as at May 31.

Lum Chang Creations plans to recommend dividends of at least 30 per cent of net profit attributable to shareholders for the financial years ending June 30, 2025 and 2026.

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