Building maintenance and estate upgrading contractor IsoTeam is launching an initial public offering (IPO) to raise net proceeds of $5.3 million.

It is aiming for a listing on Catalist, the Singapore Exchange's second board.

The company specialises in redecorating and overhauling "live" buildings - carrying out works even as building occupants continue with normal activities.

IsoTeam is offering 32.2 million shares at 22 cents each, comprising 30.73 million new shares and 1.47 million vendor shares. This represents 27.4 per cent of the group's enlarged share capital of about 117.6 million shares.