NoonTalk Media, whose initial public offering was offered at 22 cents each, opened at 22.5 cents at start of trading this morning.
The share price went to as high as 24.5 cents at one point, before closing the day at 22 cents, with around 4.2 million shares changing hands.
NoonTalk Media, founded in 2011, is headed by executive director and CEO Dasmond Koh. The company specialises in artiste and talent management.
"Today’s listing of NoonTalk Media marks a significant milestone. We are heartened by the positive reception to our IPO as it reflects investors’ recognition of the intrinsic value of our business and our growth potential," says Koh.
"Our listing on SGX serves as a platform to enhance our exposure, allowing us to access a more diverse pool of investors and expand our regional footprint. We are now ready to put ourselves on the map and tell the world that Singapore has much to offer on the global entertainment scene," he adds.
Mohamed Nasser Ismail, Global Head of Equity Capital Markets, SGX Group, says that over the years, NoonTalk Media has leveraged the vast experiences of Koh and the management team to address market gaps and scale the business.
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"This listing is opportune, enabling NoonTalk to tap the market for additional capital to support its next growth phase as it looks to expand its footprint regionally," he adds.
The company raised gross proceeds of $4.8 million. Of the 4.5 million public tranche shares available, there were valid applications for 5.3 million shares, which makes it 1.2 times subscribed.
The 17.5 million placement shares available were fully taken up too,
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Lim Hock Leng, better known as the managing director of Sheng Siong Group, was one of the anchor investors. He took up 4.4 million shares. Union Energy Corp, known for selling LNG, took up 2 million shares.
Qilin Wealth Fund, a Singapore-based family office, and Chong Weng Chiew, a former member of parliament, took up 1.35 million shares each. Chong is now an executive director of CITIC Envirotech.
Between FY2020 and FY2022, NoonTalk Media reported revenue of $3.04 million, $3.83 million and $6.37 million respectively.
Earnings in the same period were $73,939, $189,244 and $22,407 respectively.
This IPO, the eighth Catalist on the Singapore Exchange this year, is managed by Evolve Capital Advisory, playing the roles of sponsor, issue manager and co-placement agent. CGS-CIMB Securities (Singapore), on the other hand, is the underwriter and co-placement agent.
