All 24.0 million of Sheffield Green’s initial public offering (IPO) shares have been fully subscribed. The shares were priced at 25 cents apiece.
At the close of its offer at Oct 26, all 3.6 million shares under the public offering were 1.4x oversubscribed with interest indicated for 4.9 million shares.
All 20.4 million placement shares were also validly taken up with application monies totalling $5.1 million.
The gross proceeds will be used to expand Sheffield Green’s business coverage and geographic presence. It will also go towards the company’s plans to expand to complementary offerings and so on.
“We are profoundly grateful for our investors’ confidence in us, which has resulted in our public offering being oversubscribed by approximately 1.4x. This investor enthusiasm speaks volumes about Sheffield Green's human resource services and market reputation within the renewable energy sector," says Bryan Kee, CEO of Sheffield Green.
“Joining the ranks of the SGX Catalist-listed companies is a strategic move that not only enhances our global brand visibility, but also opens doors to expansive capital resources. This pivotal moment paves the way for us to capitalise on future growth opportunities, such as broadening our geographical footprint in markets where there are significant renewable energy-related activities,” Kee adds.
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"It's a distinct honour for us at Evolve Capital Advisory Private Limited to take on the roles of sponsor, issue manager, and joint placement agent for Sheffield Green’s IPO," says Jerry Chua, managing Partner and CEO of Evolve Capital.
"Based in Singapore and with operations extending to Japan and Taiwan, Sheffield Green has grown to become a significant provider of human resources services for the renewable energy landscape. Their expertise in procuring and training talent for the fast-growing offshore wind market sets them apart from the competition. Guiding the company through its IPO process reflects our goal of championing innovative and sustainable businesses, and introducing them to the public via the SGX Catalist platform,” he adds.
Based on the offering price, Sheffield Green’s post-offering market capitalisation is expected to be approximately $46.6 million.
