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Singapore IPOs: Why I No Longer Cover Every Listing

Some readers may have noticed that I have not been writing about every Singapore IPO since last year. The simple reason is that life has become busier. Between my day job, an increasingly packed travel schedule, family commitments and desire to play more golf, I have become much more selective about how I spend my time.  Writing detailed IPO reviews takes time — reading prospectuses, analysing financials, comparing valuations and understanding the competitive landscape. While I still enjoy investing and writing, I no longer feel the need to cover every IPO that comes to market. Instead, going forward, I will probably focus only on IPOs where I am seriously considering investing my own money or where there is something particularly interesting that is worth discussing. I suspect this will make the blog more useful as well. Rather than writing about every deal, I can spend more time sharing my thoughts on the handful that I believe deserve attention. That bring...
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NoonTalk Media Limited

For Information Only


Sorry I missed this write up as I was traveling, hence this post is pure for records purpose. 

Even if I am around, I am unlikely to give it a good rating given just how poor market sentiments had been.

NoonTalk Media Limited ("NoonTalk" or the "Company") is a Singapore-based media entertainment company that specialises in artiste and talent management, multimedia production and event conceptualisation.

The Company is offering 22m shares at Singapore 22 cents each, of which 4.5m is via public offer and 17.5m via placement. Based on the IPO price, the market cap is S$43.6m

The IPO opened on 14 Nov and closed on 17 Nov 12 Noon. 

 I have never seen such a "short" IPO window. I am sure they met the legal requirement for the minimum IPO roadshow period but to have it for 2.5 days, it means that they have already placed out the hands to friends and family before launching the IPO. 

The books were covered by Lim Hock Leng (MD of Sheng Siong Group) who took 4.4m shares, Union Energy (2m shares) and Qilin Wealth Fund - Family Office (1.35m).

Dasmond Koh, the founder and CEO owns about 62.55% of the Company post IPO and two other popular artists who worked for him are Xu Bin and Kimberly Chia.

I don't really know how to value this Company as it is project driven and it is also tough to account for the "extra income" received by their artistes. For example, the red packets received by these artistes, do they go to the Company or to their pockets directly? lol. 

Thankfully I don't have to give them any chilli ratings! I just cut and paste the pictures below from the IPO prospectus for reference.

Company Prospects

Core Business Segments


Competitive Strengths



Profit and Loss

As you can tell from the profit and loss statement, the Company is making barely any profits over the last 3 years





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