Soon Hock Enterprise Launches 481 Mil Mainboard Offering 58 Cents Apiece
Soon Hock Enterprise Holding, an industrial real estate developer, has filed for a listing on the Singapore Exchange’s (SGX) Mainboard and plans to raise $48.1 million by selling 83 million shares at 58 cents each. This includes 18.8 million placement shares and approximately 2.8 million shares for the public. In addition, the company’s founder and executive chairman Tan Yeow Khoon will be selling 16.6 million of his existing shares at the same price.
Along with the public offering, Soon Hock has also secured investments from cornerstone investors, including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, and UOB Kay Hian. Five private investors, namely Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang, have also committed to invest in the company.
The cornerstone investors have agreed to subscribe for 61.4 million new shares, valued at a total of $35.6 million. As a result, Soon Hock expects to generate $34.6 million in net proceeds.
The newly developed area of Rivelle Tampines is expected to bring great benefits to nearby schools, including primary, secondary, and tertiary institutions. With the Master Plan driving growth, students will have easier access to schools such as St. Hilda’s Primary & Secondary, Temasek Polytechnic, and SUTD. Furthermore, the improved transport links and surrounding infrastructure will provide smoother commutes for students. In addition, the area’s new civic facilities will not only support educational activities, but also cater to the needs of the youth with exciting programs. Rivelle Tampines EC Sim Lian Land is set to play a crucial role in enhancing the educational experience for students in the area.
The company plans to use the funds raised to acquire new land sites and buildings for development and redevelopment, as well as to finance its current and future property projects. Currently, Soon Hock has two projects in the pipeline – Stellar@Tampines and Skye@Tuas, with expected TOP dates of 1Q2026 and 1Q2027 respectively.
Upon completion of the IPO, Soon Hock will have 310.6 million shares and a market capitalisation of $180.1 million. The company also intends to distribute at least 25% of its net profit after tax as dividends from its listing date to December 31, 2026.
Executive director and CEO Tan Min Loon believes that the company is well-positioned to benefit from Singapore’s position as a leading economic hub in the region. He also expects the demand for industrial properties, such as factories, warehouses, and worker dormitories, to remain strong due to ongoing infrastructure projects and Singapore’s strategic location as a logistics hub.
The IPO will close at 12pm on October 14, with trading of the shares expected to commence on a “ready” basis at 9am on October 16. With a strong portfolio of industrial projects worth over $1 billion in gross development value, Soon Hock is poised to capitalize on Singapore’s economic growth and meet the rising demand for high-quality industrial properties.