[SINGAPORE] Shares of automotive group Vin’s Holdings (VH) climbed on its debut on Tuesday (Apr 15), in the first initial public offering (IPO) on the Singapore Exchange (SGX) this year.
Its shares were trading at S$0.345 as at 9.20am after 438,000 securities changed hands, above its IPO price of S$0.30.
VH began trading at 9am on Tuesday at S$0.315. Its stock code is named VIN.
This is the first IPO for SGX since November 2024, with net proceeds of S$4 million after expenses, arising from the issue of 20 million placement shares at S$0.30 apiece.
All placement shares have been fully subscribed to, with application monies received amounting to S$6 million.
With the placement completed, the total issued share capital of VH now comprises 131.1 million shares with a market capitalisation of S$39.3 million upon listing.
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RHB Bank Berhad is the issue manager, full sponsor and placement agent for the group’s IPO.
In an Apr 14 media release, the group said it plans to use around S$3.2 million of the net proceeds raised from the placement for the enhancement of IT and services, as well as the expansion of showrooms, workshops and after-sales services.
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. For the nine months ended September 2024, it reported a total revenue of S$83.7 million, 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.
