Industrial Real Estate developer Soon Hock To IPO On Singapore Exchange’s Mainboard Commercial real estate firm, Soon Hock Enterprise Holding Pte Ltd has plans to raise $48.1 million in an initial public offering (IPO) on the Mainboard of the Singapore Exchange (SGX). This move is a major development for the firm which has been one of the leading developers of industrial buildings in Singapore.
Meanwhile, in that public launch, Soon Hock Enterprise will issue a combined 83 million shares at the price of 58 cents apiece. Under the offering, 18.8 million placement shares are allocated for cornerstone investors and high net worth individuals, with some 2.8 million offer shares offered to retail or public investors. Founder and executive chairman Tan Yeow Khoon is also participating in the IPO, by selling 16.6 million of his shares at the same price, consistent with maintaining a substantial stake in the company while diversifying its shareholder base.
The cornerstone investors have been selectively chosen and comprise the likes of Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities and UOB Kay Hian (on behalf of certain high net worth clients). These are followed by five private investors – Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack and Von Lee Yong Miang. The investors have as a group committed to taking 61,411,517 new shares at $35.6 million.
We expect to receive approximately $34.6 million in net proceeds from this offering and use them for dramatic expansion initiatives. The company states that it plans to use the proceeds from this offering primarily for purchase of new land sites and buildings, contributing to development thereof and acquisitions of existing buildings used in its business. Presently, Soon Hock Enterprise is focusing on two new industrial development in the pipeline: Stellar@Tampines and Skye@Tuas. The former is expected to receive its temporary occupation permit in the first quarter of 2026, with the latter set for the same milestone in the first quarter of 2027.
After the offering, Soon Hock will have 310.6 million shares in issue and a market capitalisation at listing of $180.1 million. As part of its return to shareholders, the Company will recommend and distribute dividends not less than 25% of net profit after tax, in relation with the period from listing date till end-December and for Financial Years ending December 31st until 2026.
Tan Min Loon – executive director and CEO also Put same pressures who remain so confident of the company’s prospects, It soon Hock’s wealth of experience in delivering industrial projects with a combined gross development value at above $1 billion puts the group in good stead to take advantage of Singapore ‘s strategic position as an economic gateway. This advantageous position is projected to stimulate demand for industrial properties with high specifications, including factories, warehouses, and worker accommodations (dorms), particularly with mega-sized infrastructure developments such as the Tuas Mega Port (formerly named the Next Generation Port) in progress. In addition, Singapore’s role as a transport and logistics hub in the region has contributed so that we have positive prospects.'”
The IPO, which comes at an opportune time, is set to close at 12.00 noon on October 14th and trading is expected to start on a “ready” basis at 9.00am on October 16th, heralding a new phase of expansiveness for Soon Hock Enterprise.