Candy maker YLF withdraws IPO, auto group Vin’s jumps on SGX debut
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YLF Group Marketing had first lodged the documents to list on SGX’s Catalist board on March 27.
ST PHOTO: BRIAN TEO
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SINGAPORE – The first two companies to apply for listing on the Singapore Exchange (SGX) in 2025 have seen different outcomes, with one abruptly pulling its plans to go public, and the other successfully debuting on Catalist.
Candy maker YLF Group Marketing has halted its plans to go public on the SGX, less than three weeks after it lodged its prospectus
The family-run company withdrew its preliminary offer document from the exchange on April 14. It had lodged the documents to list on SGX’s Catalist board on March 27. No reason was given for the withdrawal.
Had things gone as planned, YLF Group, which was planning to raise funds to expand its product mix and expand overseas, would have been the second company to list on the SGX in 2025.
In contrast, Vin’s Holdings began trading on Catalist on April 15, making it the first company to go public on the SGX in 2025.
Its shares made their debut at 31.5 cents a share, and were trading at 36.5 cents at around 11am. The shares closed at 35 cents on April 15.
The Singapore automotive group announced on April 14 that it has successfully completed a share placement for its IPO, raising $6 million in gross proceeds through the sale of 20 million shares at 30 cents apiece.
All the shares were fully subscribed. The IPO was conducted via placement only, with no public tranche.
Net proceeds raised totalled $4 million, of which a significant portion will be used to support the company’s digital transformation and information technology integration, Vin’s chief executive Galvin Khong said in a statement.
“This includes the development of a comprehensive ERP system integrated with AI-driven capabilities and a customer-facing application to optimise operations and improve customer service.”
Funds will also be deployed to expand the company’s showrooms, workshops and after-sales services.
With the successful completion of the placement, Vin’s total issued share capital now comprises just over 131 million shares, giving the company a market capitalisation of $39.3 million upon listing.
The latest developments of both IPO aspirants take place amid a period of substantial volatility as markets react to US President Donald Trump’s tariffs on all goods entering the US, with Chinese goods being the hardest hit.
Global equity markets, including Singapore’s, have tumbled since Mr Trump announced a slew of higher reciprocal tariffs on 60 trading partners and baseline tariffs on other economies, including Singapore’s, on April 2.
