Vin’s Holdings, the first initial public offering (IPO) on the Catalist board of the Singapore Exchange (SGX) this year is seeking to raise $6 million in gross proceeds, according to its product highlights sheet dated Apr 3.
The company, which is involved in the selling and leasing of cars among other ancillary services, is issuing 20 million shares at 30 cents per share.
The shares are expected to be listed on Apr 15.
The net proceeds raised from the IPO will be about $4 million after deducting the aggregated estimated expenses incurred with the listing.
Currently, Vin’s Holdings controlling shareholder is Vin’s Capital, owned by executive director Vincent Khong, Galvin Khong and Boong Lan Hiong. Following the IPO, Vin’s Capital is expected to hold 76.3% of the company’s shares, down from the current 90%.
Vin’s Holdings was started by Vincent Khong in 1987, as a motor vehicle workshop handling accident repairs and insurance claims.
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For the most recent 9MFY2024, it reported earnings of $2 million, versus $2.49 million recorded in the year-earlier period. Revenue in the same nine-month period was $83.7 million, up from $82.8 million in 9MFY2023.
For the whole of FY2023, the company's earnings reached $3.27 million versus $2.78 million in FY2022.
In its product highlights sheet, the company says it will tap new technologies to improve its efficiency.
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Also, it will open new showrooms as a way to grow. "Pre-owned motor vehicles, in particular, represent a significant opportunity for us due to increasing consumer demand for affordable, high-quality vehicles at an affordable price.
"We aim to capitalise on this trend by upgrading existing showrooms and establishing new ones in strategic locations across Singapore," the company says.
Vin's Holdings's listing is arranged by RHB Bank.
