Engineering firm DLF raises $4.26m from fully-subscribed IPO

It will target the Singapore and Asian tourism sectors as business prospects.

DLF raised $4.26m from placement shares of its initial public offering (IPO), an announcement revealed.

The firm said that they will use $1m of the proceeds for exploring mergers, acquisitions, and ventures whilst $1.85m will be utilised as working capital as it eyes to get more employees and to purchase more supplies for future projects.

DLF believes that Singapore’s tourism and hospitality sector as well as the increasing growth for Asian tourism will be good business prospects.

“To further increase its standing within the industry, DLF Holdings intends to capitalise on its established track record to secure more projects for both project management services and turnkey contracting services,” DLF said.

Listing and trading of DLF’s shares on the Catalist is expected to commence on a “ready” basis by 25 July.