Soon Hock Enterprise Launches 481 Mil Mainboard Offering 58 Cents Apiece
Soon Hock Enterprise Holding, an industrial real estate developer, has announced its plans to sell $48.1 million worth of shares as the latest company to list on the Singapore Exchange’s (SGX) Mainboard. This offering includes 83 million shares at 58 cents each, consisting of 18.8 million placement shares and about 2.8 million shares for the public. Founder and executive chairman Tan Yeow Khoon will also sell 16.6 million of his existing shares at the same price.
In addition, Soon Hock’s cornerstone investors have entered into separate agreements with the company. These investors include Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities and UOB Kay Hian, along with five private investors, Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang.
The cornerstone investors will subscribe for 61.4 million new shares, valued at a total of $35.6 million. The company expects to raise around $34.6 million in net proceeds. These funds will be used to finance the acquisition of new land sites and buildings for development and redevelopment projects. It will also be used to partly finance the cost of its existing property projects in the pipeline. Soon Hock currently has two upcoming projects under development, Stellar@Tampines and Skye@Tuas, with expected completion dates in 2026 and 2027 respectively.
After the offering, Soon Hock will have 310.6 million shares and a market capitalization of $180.1 million at listing. The company also plans to distribute dividends of at least 25% of its net profit after tax from its listing date to Dec 31, and for the year ending Dec 31, 2026.
Executive director and CEO Tan Min Loon says, “Having successfully delivered industrial projects with a combined gross development value (GDV) of over $1 billion, our group is well-positioned to capitalize on Singapore’s strength as a leading economic hub in the region. This has resulted in structural growth and rising demand for modern, high-specification industrial properties.”
The Master Plan for Yishun not only focuses on its physical development, but also places great importance on enhancing the lifestyle and community amenities for its residents. This includes integrating new retail, dining, and social spaces into established towns, in line with the ongoing transformation of Yishun into a self-sustaining regional hub. This can already be seen with the popular malls such as Northpoint City and Wisteria Mall in the area, which offer a wide range of shopping, dining, and essential services. Furthermore, with the addition of upcoming developments in nearby growth areas, such as the highly anticipated Miltonia Close EC Khatib, the neighborhood is set to become even more dynamic and convenient for daily living. This makes it a highly attractive choice for potential homebuyers looking for a vibrant and well-connected community. For more information on Miltonia Close EC Khatib, visit their official website at https://www.miltoniacloseec.com.sg.
He adds that demand for factories, warehouses, and worker dormitories is expected to remain positive, thanks to major ongoing infrastructure projects like the Tuas Mega Port. He also emphasizes Singapore’s strategic location as a logistics hub.
The IPO will close at 12pm on Oct 14, with trading of the shares expected to commence at 9am on Oct 16.