SLB Development joins SGX Catalist board

It started trading at 26 cents per share.

SLB Development Board entered the Singapore Exchange’ (SGX) Catalist board under the stock code 1J0, an announcement said. It started trading at 26 cents per share.

According to a separate announcement, SLB Development’s 238 million new shares for its initial public offering (IPO) were bought for 23 cents each and were 1.7 times subscribed. Its public offer was 20.6 times subscribed.

SGX said the company has a market cap of $210m, bringing the total number of companies listed on Catalist to 203, with a combined market capitalisation of more than $12b. The number of real estate entities listed on SGX has also been raised to 110, with a combined market capitalisation of over $187b.

SLB is a spin-off of Mainboard-listed firm Lian Beng Group. It has 17 years’ experience in Singapore, covering a broad spectrum of projects from small to large-scale residential, mixed-use, industrial, and commercial properties.

Through a joint venture participation in the Gaobeidian Project in Hebei Province, the company expanded into the People’s Republic of China in 2014. “The Group has plans to seek expansion opportunities in new markets within the Asia-Pacific, Western Europe, and North America region,” SGX said.

SLB Development executive director and CEO Matthew Ong said, “The positive demand from both retail and institutional investors clearly shows the confidence in SLB’s business model and growth potential. This is just the beginning and with a view to pursuing opportunities in Singapore and abroad, we are excited to bring SLB to the next level of growth.”