After completing its registration to list on the Catalist board of the Singapore Exchange S68 Securities Trading Limited (SGX-ST), Sheffield Green will be offering 24.0 million shares for its initial public offering (IPO).
Of that, 20.4 million shares are for placement while the remaining 3.6 million are for the public offering.
The company expects to issue its IPO shares at 25 cents each, raising some $6.0 million in gross proceeds. According to the company, the proceeds will be used to expand its business coverage and geographical presence in locations “where there are significant renewable energy-related activities”. It also intends to use the monies to expand into complementary offerings, new product lines and other technical services. Finally, the amount will also go towards general working capital and its listing expenses.
The offering will close at 12pm on Oct 26. The balloting of shares will be done the following day if there is an excess in the number of applications.
Evolve Capital Advisory Private Limited is the sponsor, issue manager, and joint placement agent for the offering, together with CGS-CIMB Securities (Singapore) Pte. Ltd. The latter will also act as the joint placement agent and underwriter.
Sheffield Green, which provides human resource services along the renewable energy value chain, has seen its revenue grow from US$2.5 million ($3.4 million) in 2020 to US$7.7 million in 2022, or a 75% compound annual growth rate (CAGR) over the two-year period.
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For the 9MFY2023 ended March 31, the group saw its revenue surge by 304% y-o-y to US$19.0 million.
“This listing will help us increase our brand awareness and connect with our clients worldwide,” says Bryan Kee, CEO of Sheffield Green. “As a publicly listed company, we will be able to leverage market trends in the renewable sector and expand our human resource services on a global scale. We aim to extend our reach to markets such as Poland, Germany and the United States, where renewable energy demand is growing at a rapid pace.”
