[SINGAPORE] Lum Chang Creations (LCC) rose on its Catalist board debut on the Singapore Exchange on Monday (Jul 21).
The company opened at a price of S$0.30 per share, giving it a market capitalisation of S$81.2 million.
This is about 20 per cent higher than the initial public offering price of S$0.25 per share.
It debuted with the stock code LCC and the shares rose a further 16.7 per cent to S$0.325 as at 10 am.
Of the 49 million shares offered, a million were about 47.3 times oversubscribed by retail investors. The others were offered under the placement tranche.
Lim Thiam Hooi, managing director at LCC, said: “The proceeds will support our expansion plans, including growth into high-end residential projects and potential opportunities in regional markets.”
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LCC is an urban revitalisation specialist in conservation and restoration, interior fit-outs, as well as addition and alteration works.
Lim had previously told The Business Times that this was the “best time” for the company to list as it was scaling rapidly. He said on Monday that the company was looking to capitalise on “Singapore’s growing focus on heritage conservation and urban revitalisation”.
The company had been spun off from Lum Chang Holdings (LCH), which was listed on the SGX mainboard, after an internal restructuring that ended in June.
LCH will now have a 71.1 per cent stake in LCC after the initial public offering, while Lim will own around 13.3 per cent and the public will own the remaining 15.6 per cent.
RHT Capital is acting as the sponsor and issue manager for the offering, while CGS International Securities Singapore is the underwriter and placement agent.
The company’s board of directors had intended to recommend dividends of at least 30 per cent of the group’s net profit attributable to shareholders in the financial years ending Jun 30, 2025, and the same corresponding period next year.
