[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.
VH began trading at 9am on Tuesday, opening at S$0.315, with the stock code VIN. It closed at S$0.35, about 16.6 per cent above its IPO price of S$0.30.
Vin’s, SGX’s first IPO since November 2024, raised net proceeds of S$4 million from the issue of 20 million placement shares at S$0.30 apiece, all of which were 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 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 its showrooms, workshops and after-sales services.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
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, and insurance claims.
It later expanded its services to include the rental and leasing of cars to other workshops, for customers whose 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.
Most of the company’s revenue is now still generated from vehicle sales. The group reported a total revenue of S$83.7 million for the nine months ended September 2024; of that sum, 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, 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.
