All of Vin’s Holdings’ 20 million placement shares have been fully subscribed, and the company is set to commence trading on the Singapore Exchange (SGX) on Apr 15.
The car dealer priced its placement shares at 30 cents per share and raised a total of $6 million at the close of application list on April 11. This makes Vin’s Holdings the first IPO on the SGX Catalist of 2025.
Of the net proceeds raised of $4 million, the company says that it will use about $3.2 million for enhancement of IT and services, and the expansion of showrooms, workshops and after-sales services.
The group’s expansion plans are underpinned by a resilient balance sheet and a strong net asset position of $23.3 million as at Sept 30, 2024, as well as cash and cash equivalents of $11.2 million as at Feb 28, 2025.
The group’s largest revenue contributor is automotive sales and related services.
Vin’s total issued share capital now comprises 131,111,110 shares with a market capitalization of $39.3 million.
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The company says that it plans to distribute 75% of FY2024 net profit after tax to shareholders.
RHB Bank is the issue manager, full sponsor and placement agent for Vin’s Holdings’ IPO.
“The strong investor support for our IPO reflects the confidence in Vin’s integrated business model and prospects. Being the first IPO of 2025 on SGX Catalist marks a major milestone for Vin’s as we embark on a new phase of growth and accelerate our strategic growth initiatives," says Galvin Khong, executive director and CEO of Vin's.
