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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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China Kunda Technology Holdings Limited

It has been a bleak month for IPOs worldwide, not just in Singapore. Basically, the underwriters will not launch any IPOs unless the Company, IPO consultants and pre-IPO investors can find their own 'anchor placees'. One of my pre-ipo investment was still "stuck" in the MAS Opera as the anchor was unable to 'furnish the cheque' needed.

China Kunda is offering 95.284m shares of which 67.2m are new shares and the rest are vendor shares. China Kunda is a provider of precision moulds, plastic injection parts, in-mould decoration products to the electronics, electrical, automobile and specialised devices industries. The market cap post-listing is S$68.8 million. IPO will close on 7 Oct at 12pm.

Unaudited 9 months sales for 2008 is HK$76.55m and profit after tax HK$39.448m. Assuming the sales are evenly spread out, the full year profit will be HK$102m and net profit will be HK$52.6m and based on 320m shares, the EPS will be 16.44 HK cents (or about Singapore 3.04 cents). Based on the IPO price of 21.5 cents, it is valued at 7x PE. Frankly, under such economic climate, i cant foresee the company to do better in 2009 than in 2008, perhaps that is one reason why it has to list NOW intead of postponing the IPO.

Pre-IPO investors are getting a 50% discount and most likely they are also helping to ensure the IPO is "launched" successfully. It is also very rare to see such a young CFO being appointed as executive director of the Company as well.

My view is that the IPO is fully valued with some many S-chips trading at 3-5x PE currently, it makes no sense to invest in this Company based on the IPO price. Investors should be able to get in at cheaper prices post listing. Avoid.
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