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Soon Hock Enterprise Holding, an industrial real estate developer, has announced plans to sell shares worth $48.1 million as it becomes the latest company to list on the Singapore Exchange’s (SGX) Mainboard. A total of 83 million shares will be offered at 58 cents each, with 18.8 million placement shares and 2.8 million shares available to the public. The company’s founder and executive chairman, Tan Yeow Khoon, will also sell 16.6 million of his existing shares at the same price. Soon Hock has also secured agreements with cornerstone investors, including Amova Asset Management Asia, ICHAM Master Fund VCC, Maybank Asset Management Singapore, Maybank Securities, UOB Kay Hian, and five private investors: Deepak Lakhi Ramchandani, Gay Soon Watt, Ong Soon Liong, Toh Leong San Jack, and Von Lee Yong Miang.

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According to the preliminary prospectus lodged with the Monetary Authority of Singapore (MAS), the cornerstone investors will subscribe for 61.4 million new shares, worth $35.6 million. The company is expected to raise approximately $34.6 million in net proceeds, which will be used to acquire new land sites and buildings for development and redevelopment, as well as to partially finance its existing projects in the pipeline. Soon Hock is currently working on two upcoming projects, namely Stellar@Tampines and Skye@Tuas, with the former expected to receive its temporary occupation permit (TOP) in the first quarter of 2026 and the latter in the first quarter of 2027.

Upon completion of the IPO, Soon Hock will have 310.6 million shares and a market capitalization of $180.1 million. The company intends to recommend and distribute at least 25% of its net profit after tax as dividends from its listing date until December 31, 2026, and for the financial year ending December 31, 2027.

“Our group has successfully delivered industrial projects with a combined gross development value of over $1 billion. We are well-positioned to capitalize on the strength of Singapore’s position as a leading economic hub in the region, which has resulted in structural growth and rising demand for modern, high-specification industrial properties,” says Tan Min Loon, Soon Hock’s executive director and CEO. He adds, “We are optimistic about the continued positive demand for factories, warehouses, and worker dormitories, driven by major infrastructure projects such as the Tuas Mega Port. Singapore’s strategic location as a logistics hub further supports this growth.”

The IPO will close at 12 pm on October 14, with trading of the shares expected to begin on a “ready” basis at 9 am on October 16.