Commercial vehicle specialist Skylink Holdings concluded its first day of trading on the Singapore Exchange (SGX) Catalist board at 25 cents, 25% higher than its debut price of 20 cents.
Share price reached an intraday high of 27.5 cents, a 37.5% increase from its placement price per share in relation to the reverse takeover (RTO) of Skylink APAC.
Skylink says that the listing marks a new chapter for the company, which now owns one of the largest commercial leasing fleets in Singapore. The company now has a loan book worth $66 million for its credit financing business, and operates seven in-house engineering workshops under its business ecosystem.
The company raised $9.2 million in total proceeds from the RTO, including $4.2 million via the placement of 21,000,000 shares at 20 cents each (including the vendor shares worth $1.2 million) and $5.0 million from the issuance of convertible bonds.
The group says that gross proceeds will be used largely to support the expansion of Skylink Holdings’ higher-margin loan book, commercial fleet size, engineering capacity, and its post- RTO strategic M&A plans.
Upon the completion of the RTO and placement, the issued and paid-up share capital of Skylink has increased from 34,019,960 to 176,353,289 Shares.
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“This listing marks a major milestone for Skylink Holdings. With our listed status, we are well-positioned to expand our financing capabilities, grow our commercial vehicle fleet, and strengthen our engineering services,” says Wesley Shen, executive director and CEO of Skylink.
Shares in Skylink closed at 25 cents on Sept 17.
