Reclaims Global opens at $0.179 apiece on trading debut

Its initial public offering (IPO) of 20 million invitation shares at $0.23 each was was approximately 1.03 times subscribed.

Reclaims Global Limited, a Singapore-based eco-friendly integrated service provider in the construction industry, entered in SGX as its initial public offering (IPO) of 20 million invitation shares at $0.23 each was was approximately 1.03 times subscribed.

The firm opened at $0.179. SAC Capital Private Limited is the firm’s sponsor, issue manager, underwriter and placement agent.

As at the close of the offering at 12 noon on 7 March 2019, there were 132 valid applications received for the 2 million offer shares available for public subscription. In total, these applicants applied for an aggregate of approximately 2.6 million offer shares, with application monies received amounting to approximately $0.6m.

Reclaims plans to use its net proceeds from the IPO to expand its operational capacity and recycled product range, as well as to fund its expansion by way of acquisitions, joint ventures and/or strategic alliances