Dezign Format targets $6.5m IPO on Catalist, eyes Malaysia expansion

Design agency Dezign Format is looking to raise $6.5 million through an initial public offering (IPO) on the Singapore Exchange (SGX) Catalist board, which caters to fast-growing firms that may not yet meet mainboard listing requirements.

- Benjamin Lim

The offering will comprise 32.5 million new placement shares at 20 cents each, according to its offer document filed on Aug 1.

It is expected to hit a market capitalisation of $40 million after listing.

The IPO will close at noon on Aug 13, and shares of the company are expected to begin trading on Aug 15 at 9am.

Evolve Capital Advisory is the sponsor, issue manager and placement agent for the proposed IPO.

Dezign Format specialises in installations for meetings, incentives, conferences and exhibitions (Mice) events, as well as fit-outs for retail and commercial spaces.

Its most significant projects include the 2024 Chinese New Year decorations at Marina Bay Sands; an "imaginary gardens" themed installation for jewellery brand Van Cleef & Arpels' collaboration with French artist Julie Joseph; and the DinoQuest exhibition in conjunction with Science Centre Singapore.

Net proceeds of $4.8 million from the IPO will be channelled into business expansion plans that include joint ventures and mergers and acquisitions, particularly in the Mice sector and location-based entertainment space - a new division for the company.

The funds raised will also be used to develop proprietary intellectual property (IP) and acquire IP rights from around the world.

Regional expansion is also a priority for the company, which currently employs 166 staff in its Singapore office.