SINGAPORE – Ever Glory United Holdings wrapped up its first day of trading on the Catalist board of the Singapore Exchange at 36 cents on Thursday, 14 cents cents or 63.6 per cent above its initial public offering (IPO) price of 22 cents per share.
The stock opened on Thursday at 33.5 cents, up 52.3 per cent from its IPO price.
Shortly after the midday trading break at 1.40 pm, shares of the company traded at 37 cents with roughly 1.8 million shares changing hands. At this price point, the counter was 68.2 per cent above its IPO price.
The stock then pared some gains to end the trading day slightly lower at 36 cents.
The mechanical and electrical (M&E) engineering service provider’s public offer of 14 million placement shares, which closed at noon on Tuesday, was fully subscribed. Out of the 215 places, about half or 108 of them were allotted between 1,000 and 9,000 shares. Another three places were allotted at least a million shares each.
Ever Glory plans to use the $3.1 million raised from its IPO to scale its existing business to include the provision of M&E maintenance service, while also venturing into property development and property investment.
The Catalist listing is an important milestone that enables the company to “capture new business opportunities and offer customers a broader range of M&E services”, said Ever Glory executive director and chief executive Xu Ruibing.
“We believe we are now well positioned to grow the business of the group on the back of Singapore’s sustained construction demand, and population growth, which is expected to drive increased spending on public-sector infrastructure projects.”
Ever Glory is a company specialising in air-conditioning and mechanical ventilation systems; electrical engineering systems; fire prevention and protection systems; and plumbing, sanitary and gas systems, as well as integrated building services. It has projects in both the public and private sectors, including the development and redevelopment of residential flats under the Housing Board, private schools, mixed-use properties and commercial buildings.
The group also has a wholly owned subsidiary, Sunbeam M&E.
The stock closed on Thursday at 36 cents. THE BUSINESS TIMES
