SINGAPORE - The Singapore Exchange (SGX) announced on Monday that LHN, a real estate management services group, has joined the Catalist board.
The group's three main business segments are space optimisation, facilities management and logistics services.
It is known for refurbishing unused, old and under-utilised properties to increase their net lettable area and potential rental yield, before sub-leasing them to tenants.
"We believe that our listing ... will enhance the public image of our group locally and overseas, and open up more business opportunities," said Mr Kelvin Lim, executive chairman and group managing director.
"With our listing, we are now in an even stronger position to drive the expansion of our core business in the Asean region, and aid LHN as we embark on the next stage of growth," he said.
Shares in LHN opened 11 per cent up at $0.255.
LHN is the second company to have gone public this year so far, in an IPO-starved market.
"We are heartened by the positive response from investors during our initial public offering (IPO), we believe this underscores the group's strong business fundamentals and compelling investment merits," added Mr Lim.
Mr Mohamed Ismail, head of small and medium-sized enterprise development and listings at the SGX, noted: "With a track record of offering a well-diversified portfolio of quality properties for rent in accessible locations and at competitive rates, LHN is well-placed to ride the growth in the real estate sector."
The addition of LHN to the Catalist brings the total number of companies on the board to 155, with a combined market capitalisation of $10 billion.
There are now 49 real estate companies on the exchange, with a combined market capitalisation of $110 billion.