SINGAPORE (July 23): DLF Holdings says its initial public offering (IPO) on Monday received strong interest from investors with all 18.5 million placement shares successfully placed out at 23 cents each.

See: DLF Holdings aims to raise $4.3 mil from Catalist IPO at 23 cents per share

Listing and trading of the company’s shares on Catalist will start on Wednesday at 9am.

DLF is a Singapore-based Mechanical & Electrical (M&E) engineering services and solutions provider whose core business is in the provision of project management services and turnkey contracting services.

The IPO placement raised net proceeds of $2.85 million after deducting listing expenses. About $1.85 million will be used to employ more professional and technical personnel and the purchase of more supplies, materials and equipment for future projects. The other $1 million will go towards expanding its businesses through acquisitions, joint ventures or strategic alliances

PrimePartners Corporate Finance is the sponsor, issue manager and placement agent to the company.