[SINGAPORE] Spatial design specialist Dezign Format’s share price rose by more than 40 per cent on Friday (Aug 15) morning on its trading debut on the Catalist board of the Singapore Exchange (SGX).
After opening at S$0.265, the counter rose to S$0.275 by 9.02 am, up 37.5 per cent from its initial public offering (IPO) price of S$0.20.
It then reached an intraday high of S$0.285 at 9.06 am, up 42.5 per cent, before easing to S$0.28 a minute later, with 4.4 million shares changing hands.
The counter closed Friday’s session at S$0.28, up 40 per cent from its IPO price, with about 10.7 million shares transacted.
Dezign Format’s placement of 32.5 million shares at S$0.20 apiece brought in S$6.5 million; the shares were fully subscribed as at noon on Wednesday.
Mike Chong, the company’s executive chairman and chief executive, said: “The proceeds from this offering will support our regional expansion strategy, including the establishment of our Malaysia production facility and sales offices in Thailand and Vietnam.”
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He added that the company’s “growing location-based entertainment segment and its venture into virtual reality experiences… align with the increasing demand for immersive and experiential offerings”.
The group’s investors include Asdew Acquisitions, Lion Global Investors, Maybank Asset Management Singapore and Nikko Asset Management Asia.
Dezign Format’s IPO is the fifth listing that the local bourse has had this year, after those of automotive solutions provider Vin’s Holdings, Info-Tech Systems, NTT DC Real Estate Investment Trust and Lum Chang Holdings; there was also a secondary listing by China Medical System.
Founded in 1988, Dezign Format focuses on experiential design in the meetings, incentives, conferences and exhibitions sector, and is behind various visual installations in Singapore.
Its post-IPO market capitalisation is S$40 million, based on the group’s invitation price and the post-invitation share capital of 200 million shares.
The listing joins SGX’s growing industrials sector, which has a total market capitalisation of S$133 billion.
