Soon Hock Enterprise Launches 481 Mil Mainboard Offering 58 Cents Apiece
Singapore-based industrial real estate developer, Soon Hock Enterprise Holding, is planning to raise $48.1 million through the sale of shares as the company prepares to list on the Singapore Exchange’s Mainboard. A total of 83 million shares will be sold at a price of 58 cents each, with 18.8 million placement shares and 2.8 million shares for the public. The company’s founder and executive chairman, Tan Yeow Khoon, will also be selling 16.6 million of his existing shares at the same price.
The IPO has also attracted the interest of several cornerstone investors, including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, UOB Kay Hian, and five private investors – Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang. These investors have entered into separate agreements to purchase 61.4 million shares, valued at $35.6 million.
Soon Hock plans to use the proceeds from the IPO to fund the acquisition of new land sites and buildings for development and redevelopment, as well as to finance its existing property projects. The company currently has two upcoming developments in the pipeline – Stellar@Tampines and Skye@Tuas – with expected completion dates in 1Q2026 and 1Q2027, respectively.
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Upon listing, Soon Hock will have 310.6 million shares and a market capitalisation of $180.1 million. The company also intends to distribute dividends of at least 25% of its net profit after tax from its listing date to Dec 31, and for the year ending Dec 31, 2026.
According to executive director and CEO Tan Min Loon, Soon Hock is well-positioned to benefit from Singapore’s role as a leading economic hub in the region, which has resulted in a growing demand for modern and high-quality industrial properties. The company believes that the ongoing infrastructure projects in Singapore, such as the Tuas Mega Port, will continue to drive demand for factories, warehouses, and worker dormitories.
The IPO is set to close at 12pm on Oct 14, with trading of the shares expected to commence on a “ready” basis at 9am on Oct 16.