AGV Group unveils IPO of 26.9m shares at $0.22 each

It seeks listing on SGX-ST’s catalist board.

Hot dip galvanizing services provider AGV Group Limited launched its initial public offering of around 26.9 million shares at $0.22 each by way of placement as it aspires to be listed on the catalist board of the SGX-ST.

AGV declared that the placement of its shares comprises 21.8 million new shares and 5.1 million vendor shares. It will raise total gross and net proceeds of about $4.8 million and $4.3 million respectively.

The placement will end at 12.00 noon on 24 August 2016. The listing and trading of the company’s shares on catalist is expected to commence on a “ready” basis at 9.00 am on 26 August 2016, AGV said.

The highly specialised business takes pride in being the first homegrown hot dip galvanizer to aim for public listing. It also boasts of having an 11,000 sqm plant strategically located near its customers and steel and iron companies.

At the first of half of 2016, group revenue was $9.8 million, while net profit was $0.5 million.

Hong Leong Finance Limited is the issue manager, sponsor and placement agent in connection with the IPO.