Soon Hock Enterprise, a specialised industrial real estate developer, has received an overwhelming response to its initial public offering (IPO), with the Singapore Public Offer being oversubscribed by 16.9 times. The IPO, which includes 21.577 million offering shares priced at S$0.58 each, is set to commence trading on the Mainboard of the Singapore Exchange (SGX-ST) on 16 October 2025.
The offering comprised two parts: an International Offer of 18.777 million shares, which attracted interest amounting to $69.4m (S$95.1m), or 8.7 times the available shares, and a Singapore Public Offer of 2.8 million shares. The total deal size, including cornerstone investors, amounts to $35.1m (S$48.1m). Key cornerstone investors include Amova Asset Management Asia Limited and Maybank Asset Management Singapore Pte. Ltd., contributing $25.9m (S$35.6m).
Tan Min Loon, Executive Director and CEO of Soon Hock Enterprise, expressed gratitude for the investor support, stating, “It is a strong vote of confidence that not only recognises Soon Hock Enterprise’s positive track record, but also our ability to leverage market opportunities to execute our growth plans.”
The funds raised will be used to acquire new land sites and buildings for development and redevelopment, as well as to finance existing projects. Upcoming projects include Stellar@Tampines and Skye@Tuas, expected to achieve partial completion in late 2025 and 2026, respectively.
Soon Hock Enterprise plans to recommend and distribute dividends of at least 25% of its net profit after tax from the listing date to the end of 2026, subject to cash management and capital expenditure requirements.
