SINGAPORE - Security firm Secura Group launched its initial public offering (IPO) on the Singapore Exchange's (SGX) Catalist board on Wednesday (Jan 20).
The invitation comprises 112 million new shares at 25 Singapore cents each, including four million public offer shares and 108 million placement shares.
Each of these new shares will come with two warrants that will be detached from the shares upon allotment and issue. Each warrant may be converted to one new share at an exercise price of 35 Singapore cents each - within an exercise period of three years- starting from the date of issue of the warrants.
The company plans to use the bulk of its expected net proceeds of approximately S$26 million from the IPO to expand its security guarding, as well as cybersecurity, technology and systems integration business. Part of the money raised will also be used to upgrade its security printing equipment, improve its corporate infrastructure and for general working capital purposes.
The public offer will close at 12pm on January 26. Secura Group is expected to be listed on the Catalist board at 9 am on on January 28.
"We are confident in the group's growth potential," said Mr Paul Lim, executive director and chief executive.
"We want to offer our IPO subscribers the opportunity to participate in the equity of our company. It is also an avenue for us to raise funds for our business expansion plans."
Secura's substantial shareholders include Mr Peter Lim, Mr Wee Ee Chao, and City Developments, who will collectively own about 52.7 per cent of the company after the IPO.