UPDATE: Alpina Holdings IPO set to begin trade

Mural of construction gear in Singapore's Little India neighborhood.Mural of construction gear in Singapore's Little India neighborhood.

This item was originally published on Thursday, 27 January 2022 at 18:02 SGT; it has since been updated with details of the demand and the new shareholders.

Alpina Holdings is set to make its trading debut on SGX’s Catalist board on Friday after an initial public offering (IPO) raised around S$11.5 million from the placement of 37 million shares at S$0.31 each. 

The placement included 32 million new shares and 5 million vendor shares, the company said in filings to SGX. 

All of the 37 million shares were fully subscribed for and/or purchased by the close of the application list on Wednesday, Alpina said Thursday.

Alpina Holdings is a Singapore-based contractor specialising in integrated building services (IBS), mechanical and electrical (M&E) engineering services and alteration and addition (A&A) works, the filing said.

The company said it takes on both private and public sector projects, such as for the Singapore government or public universities, with the majority of its projects in the public sector.

In a filing to SGX on Thursday, Alpina said investors including Mah Bow Tan, Pheim Asset Management and/or funds under its management and Eternal Glade Investment, were each allotted 5 percent or more of the placement shares. 

Use of proceeds

The proceeds are earmarked for expanding the scale of the existing businesses by building up worker and equipment resources, and exploring new and/or upgraded technology to offer more value-added services, Alpina said.

In addition, the company said it would strengthen and accelerate the extension of its integrated facilities management (IFM) services, and would seek mergers and acquisitions, with a focus on cleaning-service firms.

“By expanding our manpower resources, we believe that we would have additional capacity to undertake more projects simultaneously, offer more competitive pricing, lower our need for subcontracting services for our projects and the costs incurred therefrom, providing greater flexibility in determining our tender pricing.

We plan to strengthen our capability and work efficiency by acquiring additional machinery and equipment, including motor vehicles, to facilitate our performance of our works and accommodating the increase in our transportation needs.”

Low Siong Yong, Alpina’s executive chairman and CEO, said the listing “serves as a strategic platform to enhance the
visibility and image of our group as we push forward with our efforts to expand our existing business, as well as strengthen and accelerate the extension of our IFM services.” 


The controlling shareholders are Skky Investments, Lezo Holdings, Low Siong Yong and Tai Yoon On, the filing said. Skky Investments is wholly owned by Low Siong Yong, Alpina’s executive chairman and CEO, while Lezo Holdings is held only by Tai Yoon On, an executive director of the company, the filing said.

Prior to the placement, Skky Investments and Lezo Holdings held 55 percent and 45 percent, respectively, of Alpina, while post-placement, they will hold 44 percent and 36 percent, respectively, the filing said.

Alpina reported it posted pro forma profit of S$8.16 million for 2020 and S$4.12 million for the first half of 2021, with revenue for the first half of 2021 at S$25.30 million. 

The sponsor and issue manager and placement agent for the IPO is UOB, and the sub-placement agent is UOB Kay Hian, the filing said.