LHN Logistics has launched an all-placement IPO to raise gross proceeds of $5 million by issuing around 25.2 million new shares at 20 cents each. After deducting listing expenses, the net proceeds will be around $3.6 million.
LHN Logistics, which has two main businesses — transportation and container depot services — is a spin-off from LHN, which is listed on both the Singapore and Hong Kong exchanges. LHN is involved in businesses ranging from facilities management to operating co-living spaces.
Upon completion of the IPO, LHN will continue to hold a stake of 84.1% in LHN Logistics. Based on the IPO price, LHN Logistics is likely to have a market cap of around $33.5 million. LHN now has a market cap of around $137 million.