This reflects its market capitalisation of S$28.6 million, a tad lower than the estimated S$29.9 million based on the issue price
SHARES of Attika Group closed at its peak of S$0.235 on the counter’s first day of trading, 6.8 per cent above its S$0.22 initial public offering (IPO) price.
This gives the commercial interior decoration and engineering company a market capitalisation of close to S$32 million, higher than the estimated S$29.9 million market cap based on the issue price.
The group had earlier commenced trading on the Catalist board of the Singapore Exchange at S$0.21, lower than its IPO price.
The counter also briefly touched the S$0.235 peak at the market open, on the back of a transaction of 75,100 shares.
Over the Friday trading session, 160,000 Attika shares worth S$702,300 changed hands.
On Thursday (Nov 7), the group said it raised around S$4.6 million from its offering of 21 million placement shares that were fully subscribed.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
The bulk, or S$1.3 million, of the proceeds raised will go towards funding expansion initiatives.
Attika’s controlling shareholder is its managing director and executive chair Steven Tan, who holds 136 million of the company’s shares – an 84.6 per cent stake, after the placement.
The group’s net profit for the financial year ended December 2023 was 10.1 per cent higher on the year at S$2.3 million. Revenue climbed 8.3 per cent to S$27 million.
The company said that revenue for the first three months of this year reached S$22.1 million.
While Attika does not have a fixed dividend policy, its board of directors intends to distribute dividends of at least 20 per cent of the company’s profit attributable to equity holders in FY2024 and FY2025.
