Home-grown fastener supplier PS Group Holdings has fully placed its initial public offering of shares ahead of the counter's debut on the Catalist board of the Singapore Exchange on Thursday morning.
It had offered 20.4 million new shares at 25 cents apiece, which were fully placed out to private investors by the close of the offer on Tuesday, the company said.
The offer raised net proceeds of about $3.8 million for the firm.
In a statement filed with the Singapore Exchange on Wednesday, PS Group said the placement of new shares represents 30 per cent of the enlarged share capital of 68 million shares.
"We hope our listing on Catalist will not only enhance the public image of our group locally and overseas and open up more business opportunities, but also help in attracting and retaining talent," said founder and executive chairman of PS Group Teo Choon Hock.
"With our listing, we are now better equipped to drive our expansion plans and take PS Group to the next stage of growth."
The company intends to enhance its existing warehouse facilities through a reorganisation of its warehouse space and installation of new racks. It also plans to upgrade its inventory management system.
PS Group also said that it is looking to explore opportunities to expand its product range through acquisitions, joint ventures and strategic alliances.
The directors intend to recommend and distribute dividends of not less than 30 per cent of net profit in the next financial year.