Singapore firm weighs $200m IPO, ending listing drought

SINGAPORE – Legend Logistics is exploring an initial public offering (IPO) in Singapore to raise as much as $200 million, according to people with knowledge of the matter, in what would be the largest IPO in the city-state in nearly a year.

The logistics firm is working with financial advisers on the potential first-time share sale, said the people. A listing could take place as soon as 2023, said the people, who asked not to be identified as the process is private.

Deliberations are ongoing and the size and timing of the IPO could still change, the people said. Representatives for Legend did not immediately respond to calls or e-mails requesting comment.

The offering would boost the first-time share sale market in Singapore, which has hosted only US$348 million (S$477.3 million) worth of IPOs this year, down 15 per cent from the same period a year earlier, according to data compiled by Bloomberg.

At US$146 million, Legend’s offering would be the biggest in Singapore since Digital Core Reit Management raised US$647 million in an IPO in November 2021.

Founded in 2012, Legend is a one-stop logistics provider for heavy haulage, bulk liquids, dry commodities, perishable products and oversized cargos, according to its website. The Singapore-headquartered company operates in 10 countries and has regional offices in Asia, Oceania and Europe. Bloomberg