Hai Leck Holdings Limited is offering 85,000,000 new shares at $0.26 each of which 4,500,000 shares will be by way of public offer and the rest by placement. The IPO opens from will close on 26 Aug 2008 12 noon. Hai Leck shares will start trading on 28 Aug 2008 9am.
Established in the early 1970s, Hai Leck Holdings Limited is an integrated service provider of scaffolding, corrosion prevention and insulation works mainly for the oil & gas and petrochemical industries. With an established track record of approximately 30 years, the Group has a strong customer base comprising various oil and gas and petrochemical companies with activities primarily conducted on Jurong Island. It is also the resident authorised contractor for maintenance works for oil majors.
Its competitors are not doing very well in current times and I am not sure how Hai Leck will fare. Of the last 30 IPOs launched in the Singapore Exchange, only 5 counters manage to survive and trade above IPO price.
Fingers crossed.
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