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JOYCE FANG/THE STRAITS TIMES
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A STRUCTURAL engineering firm which has been involved in some of Singapore's major projects is braving choppy market conditions to launch an initial public offering (IPO) here.
Tritech Group, which has been involved in projects such as the Marina Bay integrated resort (top right), two MRT lines and a vast underground petrochemical storage cavern, hopes to raise net proceeds of about $4.4 million.
The company is a niche player specialising in the geotechnical, ground and structural engineering fields.
Tritech, which registered its IPO document with the Singapore Exchange yesterday, is offering 30 million new shares and six million vendor shares at 20 cents apiece. Retail investors will be offered one million shares while the other 35 million will be sold to institutions.
Tritech managing director Jeffery Wang said it was seeking a listing on the Catalist board to expand its business operations and sharpen its competitive edge.
Its 'clear growth plans as well as strong order books will augur well' for the group, he said.
The group's businesses cover industry segments such as oil and gas, infrastructure, residential and commercial markets as well as the integrated resorts.
Its main revenue driver is its specialist engineering services, which contribute 61 per cent of total revenue. It carries out geological-related investigation work, analysis and testing as well as project management services.
The projects it has played a role in include the Marina Bay Financial Centre, the MRT Circle and Downtown Lines and the Jurong Rock Cavern.
Of the net proceeds, about $1.25 million will be used to acquire and upgrade machinery and equipment, $1 million will be used for overseas expansion and $900,000 will be used to commercialise its water treatment technologies.
The remaining $1.25 million will be used for general working capital.
Net profit for the group has grown from $1.5 million in financial year 2006 to $7.3 million this financial year, while revenue increased from $7.4 million to $31.3 million over the same period.
The public offer opens at 10am today and closes at noon next Tuesday. Trading is expected to commence next Thursday
Tritech Group, which has been involved in projects such as the Marina Bay integrated resort (top right), two MRT lines and a vast underground petrochemical storage cavern, hopes to raise net proceeds of about $4.4 million.
The company is a niche player specialising in the geotechnical, ground and structural engineering fields.
Tritech, which registered its IPO document with the Singapore Exchange yesterday, is offering 30 million new shares and six million vendor shares at 20 cents apiece. Retail investors will be offered one million shares while the other 35 million will be sold to institutions.
Tritech managing director Jeffery Wang said it was seeking a listing on the Catalist board to expand its business operations and sharpen its competitive edge.
Its 'clear growth plans as well as strong order books will augur well' for the group, he said.
The group's businesses cover industry segments such as oil and gas, infrastructure, residential and commercial markets as well as the integrated resorts.
Its main revenue driver is its specialist engineering services, which contribute 61 per cent of total revenue. It carries out geological-related investigation work, analysis and testing as well as project management services.
The projects it has played a role in include the Marina Bay Financial Centre, the MRT Circle and Downtown Lines and the Jurong Rock Cavern.
Of the net proceeds, about $1.25 million will be used to acquire and upgrade machinery and equipment, $1 million will be used for overseas expansion and $900,000 will be used to commercialise its water treatment technologies.
The remaining $1.25 million will be used for general working capital.
Net profit for the group has grown from $1.5 million in financial year 2006 to $7.3 million this financial year, while revenue increased from $7.4 million to $31.3 million over the same period.
The public offer opens at 10am today and closes at noon next Tuesday. Trading is expected to commence next Thursday