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Ever Glory debuts on Catalist at 33.5 cents, 52.3% above IPO price

SINGAPORE - Ever Glory United Holdings made its trading debut at 33.5 cents on the Singapore Exchange’s Catalist board on Thursday, 11.5 cents or 33.5 per cent above its initial public offering (IPO) price of 22 cents.

As at 9.02am, the counter climbed further to 35 cents after 192,000 shares changed hands.

The mechanical and electrical (M&E) engineering service provider’s public offer of 14 million placement shares, which closed at noon on Tuesday, was fully subscribed.

Out of the 215 places, about half or 108 of them were allotted between 1,000 and 9,000 shares. Another three places were allotted at least a million shares each.

Ever Glory plans to use the $3.1 million raised from its IPO to scale its existing business to include the provision of M&E maintenance service, while also venturing into property development and property investment.

The Catalist listing is an “important milestone” that enables the company to “capture new business opportunities and offer customers a broader range of M&E services”, said executive director and chief executive Xu Ruibing.

“We believe we are now well positioned to grow the business of the group on the back of Singapore’s sustained construction demand, and population growth which is expected to drive increased spending on public sector infrastructure projects.”

Ever Glory is a company specialising in air-conditioning and mechanical ventilation systems, electrical engineering systems, fire prevention and protection systems, plumbing, sanitary and gas systems, as well as integrated building services.

It has projects in both the public and private sectors, including the development and redevelopment of public housing residential flats under the Housing and Development Board, private schools, mixed-use properties, and commercial buildings.

The group also has a wholly-owned subsidiary, Sunbeam M&E. THE BUSINESS TIMES