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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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Hai Leck Holdings Limited



Hai Leck Holdings Limited ("Hai Leck") is offering 85m new shares at $0.26 each of which 4.5m shares will be via public offer and the rest via placement. The IPO will close on 26 Aug 2008 at 12pm. Hai Leck is an integrated service provider of scaffolding, corrosion prevention and insulation works mainly for the oil & gas and petrochemcial industries.

Revenue for FY2007 is S$62.7m and net profit is S$7.7m. 1H2008 revenue is S$33.6m (increase of 17% over 1H2007) and 1H2008 net profit is S$5.9m (increase of 127% over 1H2007).

Hai Leck is one of the rare companies which i credit for showing the EPS based on the post-ipo no. of shares. Many prospectus avoided showing this EPS to paint a more attractive picture for investors. The EPS post IPO for FY2007 is 2.4 Singapore cents and 1.8 cents for 1H2008. The market cap based on IPO price of 26 cents and 325m shares is S$84.5 million. Assuming the company net profit for 2008 is twice of 1H2008 results, its EPS will be 3.6 Singapore cents. Based on the IPO price of 26 cents, Hai Leck is priced at 7.2x forward PE.

Based on its prospectus, its listed customers include Rotary and Hiap Seng and its listed competitors include See Hup Seng and CWT Limited. Based on the post-ipo market cap, its size is closer to Hiap Seng and See Hup Seng. In any case, its listed peers are trading at between 6x to 10x PE. In this regard, Hai Leck is fairly valued at its IPO price and its fair value will range between 22 cents and 36 cents.

The strong outlook for the oil and gas sector in Singapore will most likely ensure its profitability for the next 1-3 years but as IPO is fairly priced, there is really not much upside in the near term and thus the 1 chilli rating.
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