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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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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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