Sheffield Green gains IPO interest from 24 million new shares

The IPO is priced at S$0.25 per share.

Sheffield Green has gained strong investor interest after 24 million new shares in capital from its initial public offering (IPO), priced at S$0.25 per share.

At the offer’s close on 26 October, all 3.6 million shares available under the public offering were subscribed for, with a total interest of 4.9 million public offer shares. This translates to a public offering that exceeds relatively 1.4 times.

All 20.4 million placement shares were additionally accrued, with applications received amounting to $5.1m.

As such, Sheffield Green has planned to use its $6.0m gross proceeds in IPO for $2.1m on its business expansion and renewable energy-related activities, $1.05m on an improvement of services, $2.2m on listing expenses, and $0.63m on capital purposes.

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“This investor enthusiasm speaks volumes about Sheffield Green's human resource services and market reputation within the renewable energy sector,” Bryan Kee, CEO of Sheffield Green, said.

From the offering price, Sheffield Green’s market capitalisation is projected to reach an estimated $46.6m.