[SINGAPORE] Automotive group Vin’s Holdings (VH) climbed on its listing debut on Tuesday (Apr 15), in the first initial public offering (IPO) on the Singapore Exchange (SGX) this year.
The counter was trading at S$0.345 as at 9.20am on a volume of 438,000 shares, above its IPO price of S$0.30. VH began trading at 9am on Tuesday at S$0.315 with the stock code VIN.
SGX’s first IPO since November 2024, Vin’s raised net proceeds of S$4 million from the issue of 20 million placement shares at S$0.30 apiece, all of which were fully taken up.
With the placement, Vin’s total issued share capital now comprises 131.1 million shares with a market capitalisation of S$39.3 million.
RHB Bank is the issue manager, full sponsor and placement agent for the group’s IPO.
The group said in an Apr 14 press statement that it plans to use around S$3.2 million of the placement proceeds to enhance its IT and services, and the expansion of showrooms, workshops and after-sales services.
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In addition, the company also intends to distribute 75 per cent of its FY2024 net profit after tax to shareholders.
Founded by chairman Vincent Khong, VH started as a car workshop in 1987 that focused on motor-vehicle maintenance and repair as well as insurance claims.
It later expanded its services to include the rental and leasing of cars to other workshops, for customers to use while their cars were being repaired. The company started selling new parallel-import motor vehicles in 2015.
Khong’s son, Galvin, joined the group in 2014 and is now its chief executive officer.
At present, most of the company’s revenue is still generated from vehicle sales. The group reported a total revenue of S$83.7 million for the nine months ended September 2024, of which vehicle sales contributed S$67.5 million, and service income accounted for S$8.5 million. Financing and interest income stood at S$5.7 million and rental income was S$2 million.
Karaoke and live show operator Goodwill Entertainment, which made its trading debut on the Catalist board in Nov 2024, was the last IPO on SGX.
