Trans-cab to launch an IPO in Singapore this month

It’s the city’s second-largest taxi operator.

Singapore's second-largest taxi operator Trans-cab filed a prospectus for an initial public offering on Tuesday, indicating it was looking to list in the city-state later this month.

The company, which has a fleet of just under 5,000 taxis, did not disclose how much it was looking to raise from the listing.

According to Reuters, Trans-cab began operations in 2003 with an initial fleet of 50 cabs when the Singapore government liberalised the taxi industry by opening it to more competition.

The company said it planned to expand its fleet further as well as diversify into other forms of transport, and might bid in an upcoming government tender to operate public bus routes.

DBS Bank is the sole issue manager, underwriter and bookrunner for the proposed issuance of 153 million shares.
East Spring Investments, FIL Investment Management, Havenport Asset Management, JF Asset Management, Lion Global Investors and Maxi-Harvest Group have signed up as cornerstone investors.