Lum Chang Creations shares jump 32% on Catalist debut
The company's managing director Lim Thiam Hooi said the firm's listing comes at a time when demand for revitalisation and preservation work is rising.
SINGAPORE - Shares of interior fit-out firm Lum Chang Creations surged on its debut with the Singapore Exchange's (SGX) Catalist board on July 21.
The counter opened at a price 30 cents per share and was trading at 33 cents at 10.37am, 32 per cent above its initial public offering (IPO) price of 25 cents. This works out to a market capitalisation of nearly $104 million.
Lum Chang Creations raised $12.25 million in the IPO with a offering of 49 million shares, comprising one million under a public offer and 48 million through placement. The public tranche was about 47.3 times subscribed by retail investors.
The company, a spin-off from mainboard-listed real estate developer Lum Chang Holdings, specialises in conservation and restoration interior fit-outs, among other works.
Its managing director Lim Thiam Hooi told The Straits Times in a recent interview that the firm's listing comes at a time when demand for real estate revitalisation and preservation work is on the rise, backed by public and private sector jobs.
The company's track record includes work at St James Power Station and the Red Cross House. It is also involved in projects such as restoring the facade of the National Museum building and had an order backlog worth $122.8 million as at May 31.
Lum Chang Creations plans to recommend dividends of at least 30 per cent of net profit attributable to shareholders for the financial years ending June 30, 2025, and 2026.
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