Lum Chang Creations aims to raise $12.3m with launch of Catalist IPO

A property restoration firm is launching an initial public offering (IPO) in Singapore to raise around $12.3 million to fund expansion.

- Kang Wan Chern

Lum Chang Creations, which will trade on the Catalist board, is offering 49 million shares at 25 cents apiece, its prospectus noted on July 9.

The IPO will comprise one million new shares available to the public in Singapore, and 48 million offered via placement – 34 million new shares and 14 million existing ones.

Lum Chang Creations, a spin-off from mainboard-listed real estate developer Lum Chang Holdings, specialises in conservation and restoration interior fit-outs, among other works.

It will be looking for merger and acquisition opportunities and has already identified potential targets, said chief executive Lim Thiam Hooi. It also plans to expand to Malaysia and Indonesia.