This is getting out of hand... a 3rd Catalist listing in a row with no public tranche. The Managers and underwriter all lost "something" during the recent turmoil that they don't dare to do a public tranche or they know the public has become smarter? :-P
ISOTEAM ("ISO" or the "Company") was founded in 1998 and is a building maintenance and estate upgrading "specialist". The Company spend a lot of time projecting its "green image" (which is good) but at the core, it is just a maintenance and contractor involved in Repairs & Redecoration Works ("R&R") and Addition and Alteration works ("A&A").
The Company is apply to list on Catalist and is offering 32.2m shares at $0.22 each via placement. The prospectus is here. The offer will end on 10 July at 12pm. The market cap post IPO is around $25.9m
I think they should use something which investors can see clearly. Such picture above is not very helpful. Anyway, revenue grew from $26.6m in FY2010 to $35.4m in FY2012 and net profit grew from $2.6m to $3.4m in the same period (even though there was a blip in FY2011). At least this company looks and feels more "promising" than the fasteners company just reviewed. (not that i am recommending a buy).
The EPS assuming service agreement is in place and based on enlarged share cap is 2.09 cents. That translate into a listing PER of 10.5x. The order books looked pretty good and that may translate into better earnings in FY2013 and FY2014.
Interesting to see Nippon Paint Singapore taking a stake in this company. Probably due to the close working relationship between the 2 firms.
You know i am not a fan of small cap catalist companies and the fact that there is no public tranche render my Chilli ratings "useless". Are they trying to make me out of job? :-P
In any case, i would have given it a zero to 1 Chilli rating if there was a public tranche.
Not getting too happy watching from the sidelines (again). Hope i will get some real IPO soon!!