SINGAPORE – Spatial design specialist Dezign Format on Aug 15 surged more than 40 per cent in its trading debut on the Catalist board of the Singapore Exchange (SGX).
The shares opened at 26.5 cents apiece. At 9.02am, the counter was up 37.5 per cent at 27.5 cents from its initial public offering (IPO) price of 20 cents, before climbing to 28 cents by 9.06am.
It reached a high of 28.5 cents at 9.06am, up 42.5 per cent, and then eased to 28 cents at 9.07am, after 4.4 million securities changed hands. The stock closed at 28 cents on Aug 15 with 10.7 million shares traded.
The design agency’s placement of 32.5 million shares at 20 cents apiece amounted to $6.5 million, and were fully subscribed as at 12pm on Aug 13.
Mr Mike Chong, executive chairman and chief executive of Dezign Format, said: “The proceeds from this offering will support our regional expansion strategy, including the establishment of our Malaysia production facility and sales offices in Thailand and Vietnam.”
He added that the company’s “growing location-based entertainment segment and its venture into virtual reality experiences… align with the increasing demand for immersive and experiential offerings”.
The group’s investors include Asdew Acquisitions, Lion Global Investors, Maybank Asset Management Singapore and Nikko Asset Management Asia.
Dezign Format’s IPO is the fifth listing for the local bourse in 2025, after those of automotive solutions provider Vin’s Holdings, Info-Tech Systems, NTT DC Real Estate Investment Trust and Lum Chang Holdings, in addition to a secondary listing by China Medical System.
The listing joins SGX’s growing industrials sector, which has a total market capitalisation of $133 billion.
Founded in 1988, Dezign Format focuses on experiential design in the meetings, incentives, conferences and exhibitions sector and has been responsible for various visual installations in Singapore.
Its post-IPO market capitalisation is $40 million, based on the group’s invitation price and the post-invitation share capital of 200 million shares.
THE BUSINESS TIMES
