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The Assembly Place IPO

   The Assembly Place Holdings Ltd. IPO Overview Company:   The Assembly Place Holdings Ltd. Listing venue:  Singapore Exchange (SGX) —  Catalist  board Offer type:  IPO (Public Offer + Placement + Cornerstone) Sponsor / Issue Manager:  SAC Capital Private Limited The Company is offering 50.3m shares of which 48.3 will be via placement and the balance 2m shares via public offering.  The IPO will close on 21 Jan 2026 noon and start trading on 23 Jan 2026 at 9am.   Business Description The Assembly Place (TAP) is  Singapore’s largest  community living operator * by number of keys under management, operating under an  asset-light  model that leases and manages accommodation properties rather than owning them outright. As at 17 Dec 2025, TAP managed  ~3,422 keys across ~100 property assets  in Singapore, spanning multiple living sectors. TAP’s portfolio includes: Residential co-living  spaces (for singles a...
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Combine Will International Holdings Limited



Combine Will ("CW") is offering 88 million new shares at S$0.23 per share of which 5m will be for public and the rest via private placement. The Company is based in Dongguan, Guandong Province and there are 3 main business segments - ODM/OEM of plastic and die-cast products, moulds and tooling and machines sales. The IPO will close on 19 June at 12pm and will commence trading on 23 June.

Audited revenue for FY06 is S$174m with net profit of S$5.47 million. For the 9m ended 30 Sep 2007, the sales is S$153.5m and net profit is $10.5m. It is amazing that the Company was unable to disclose its full year audited figures for 2007 as it is already the June period, almost close to the end of the statutory reporting for companies with financial years ending on 31 December.

Based on the post IPO shares of 328m shares, the market cap is around $75.4 million. This is really a small cap company. Assume a full year profit of S$14m to S$17m, the EPS will range between 4.3 cents to 5.2 cents. At the IPO price of 23 cents, it is trading at the PE range of 4.4x to 5.3x, which is typical of small S-chip stocks in Singapore.

I will avoid this counter for now due to its small cap status, competitive segment and poor IPO sentiments.
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