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The Assembly Place - Balloting Results

This is probably one of the most usual press releases that went alongside the SGX announcement of the balloting results. The Company released a full presentation deck , which is actually quite informative, with information of upcoming pipeline etc (probably the Company felt that it is safer to release this after the IPO closes and not before). The balloting table is as follows: The IPO has drawn strong interest from prominent institutional funds such as Avanda Investment Management (as investment manager for and on behalf of its fund(s)) and Lion Global Investors Limited (as investment manager for and on behalf of its clients), along with prominent investors, including Mr Han Seng Juan, Mr Rudolf Jurgen August Rolles and Mr Chong Soon Kong @ Chi Suim2 , underscoring strong confidence in TAP's investment proposition. Separate from the Invitation, cornerstone investors, namely Apricot Capital Pte. Ltd., Asdew Acquisitions Pte. Ltd., Cache Capital Pte. Ltd., ICH Synergrowth Fun...
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GS Holdings Limited



GS Holdings Limited ("GSH" or the "Company") is offering 24m Placement Shares at $0.25 each for a listing on Catalist. The IPO will close on 14 Jan at 12pm with a market cap of around $31m. There is no public tranche.

The Company provides centralised cleaning for the F&B Industry. This picture below shows how the operations of the Company looks like.

It is probably quite unique in Singapore due to high manpower costs and our government is trying to reduce reliance on foreign labour on these jobs by automating the cleaning process.


The Company seemed to have covered Singapore quite extensively with this map above as it is one of the first mover in this space with ~40% market share.

Financial Highlights

According to the prospectus, the Company has secured $18.2m worth of order book as of 15 Dec 2015 with $14.2m expected to be recognised in 2016.


The NAV per share post IPO is around 5.3 cents versus the IPO price of 25 cents. The order "revenue to be recognised" of around $14m seemed to be a marked improvement from its 1H 2015 results. The Company will like gain economies of scale if they are able to secure more orders.

What i like about the Company
  • Secured order book of $18m assuming customers recontract at current rates
  • First mover with ~40% market share in Singapore
  • Increasing focus by government to enhance productivity in this area
  • Diversified customer base
Some of my Concerns
  • Singapore centric with limited market potential
  • Company is loss making from day 1 and have yet to turn around fully.
My Ratings

 Since there is no public tranche, I am not going to spend too much time on this. Not terribly excited by  the industry prospects as well and will give it a zero rating due to from coaching perpective.

Happy IPOing.



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