Xyec Holdings soars 42% in S’pore debut
SINGAPORE — Xyec Holdings, the first Japanese company with a primary listing on the Singapore Exchange (SGX), surged as much as 42 per cent on its debut on the Catalist board yesterday following a S$6.5 million initial public offering.
Xyec, which provides engineering and IT services to manufacturers, including an affiliate of Toyota Motor, rose as high as 37 Singapore cents before closing at 32.5 cents. The company sold 25 million shares for 26 cents in its IPO.
Mr Manabu Kobayashi, its Executive Chairman, President and Chief Executive Officer, said: “We are heartened by the positive response from investors for our Placement Shares, which we believe is a strong testament to our business fundamentals and investment merits. Singapore’s well-developed financial market and its reputation as an Asian hub for global manufacturers will benefit our future business development.”
With a market capitalisation of S$28.6 million, the listing of Xyec Holdings brings the total number of companies listed on Catalist to 138, with a combined market capitalisation of S$8.3 billion, the SGX said.
SGX Head of Listings Lawrence Wong said: “We are delighted to welcome Xyec Holdings, the first Japanese company to do a primary listing in Singapore. We look forward to welcoming more Japanese companies to leverage on SGX as their preferred venue for accessing global capital to expand their business in the region.”