Sin Heng Heavy Machinery Limited, a heavy lifting service provider, has launched its IPO of 168 million invitation shares at 26 cents each.

The IPO comprises 9.6 million offer shares available to the public for subscription and/or purchase and 158.4 million placement shares.

The IPO is priced at a historical price earnings ratio of 4.4 times, based on the group’s net earnings per share of 5.91 cents for FY2009 and pre-invitation share capital of 371,640,000 shares.

The public offer will open at 9 a.m. tomorrow and will close at 12 noon on Feb 1. Listing and trading of the shares will commence at 9 a.m. on Feb 3.

DBS Bank is the joint issue manager, underwriter and placement agent and Stirling Coleman Capital Limited is the joint issue manager.
 
The group has participated in major infrastructure and geotechnic projects in Singapore including the Newton Circle flyover — one of Singapore’s first dual carriage flyovers, Ayer Rajah Expressway, Central Expressway in the 1980s; Pan-Island Expressway and reclamation of Jurong Island in the 1990s; and Sentosa Light Rail System, Singapore Flyer and Changi Airport Terminal 3 from year 2000 onwards.

The group is currently involved in prominent projects such as Marina Bay Integrated Resort, Resorts World at Sentosa, Marina Bay Financial Centre and the Marina Coastal Expressway.

As at June 30, 2009, the group owns a fleet of 67 cranes with a combined lifting capacity of 7,662 tonnes.

Sin Heng says it has also built up a wide customer base across various industries worldwide spanning the US, Europe, the Middle East, Asia, Australia and Africa.