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Raffles Interior
Raffles Interior
Nominal: 0.540 RT Quote
Open-offer-subscription Rate: 14.17x One Lot Success Rate: 10%
COMPANY PROFILE

Raffles Interior established in 1986, it is a Singapore-based interior fitting-out services provider. It is ranked as the third largest player by revenue in the interior fittingout market in Singapore in 2018, according to the Frost & Sullivan Report. Its interior fitting-out services include project management and construction management of the interior fitting-out project; construction and installation of interior fitting-out works; customising, manufacturing and supply of carpentry/joinery and integral fixtures; and maintenance of the projects that it undertakes on an ad-hoc basis.

The Group projects mainly comprised projects commissioned by private companies, including owners or tenants of commercial and light-industrial properties in Singapore, construction contractors and Professional Consultants of the projects. All projects were secured through a tendering process by way of invited tenders. Revenue was mainly derived from projects involving fitting-out works for office space.

During the financial year of 2017 to 2019 and up to 12 April 2020, the Group has completed 125 interior fitting-out projects in Singapore. The average contract value of Group’s business during the above Track Record Period is approximately S$1.5 million, S$2.0 million and S$2.0 million respectively. The total revenue recognised from the top 10 completed projects amounted to approximately S$21.4 million, S$35.5 million, and S$20.9 million representing approximately 29.8%, 43.7% and 27.2% of its total revenue respectively.

BASIC INFORMATION
MarketHong Kong (Main Board)
Business NatureConstruction
Websitewww.rafflesinterior.com
Board Lot8,000
Registrar & Transfer OfficeTricor Investor Services
SHARE OFFER
No. of Offer Shares250m shares
No. of Placing Shares225m shares
No. of Public Offer Shares25.00m shares
Offer Price$0.50 - $0.65
Nominal ValueHK$ 0.01 each
Stock Code1376
Sole SponsorKingsway Capital
Joint Bookrunners and Joint Lead ManagersKingsway Financial Services, Lego Securities, Shanxi Securities International, Guotai Junan Securities (Hong Kong)
Joint Lead ManagersQuasar Securities, Grand China Securities
TIME TABLE
Application PeriodApr 21 (Tue) - Noon, Apr 24 (Fri)
Price Determination DateOn or Before 5pm, Apr 24 (Fri)
Result Announcement DateOn or Before May 6 (Wed)
Dispatch of Shares and Refund ChequesOn or Before May 6 (Wed)
Dealings in Shares commence onMay 7, 2020. (Thu)
Reallocation of Shares Offered
Times of HK Offer Shares Subscription15X - 50X50X - 100XOver 100X
% of total shares reallocated to HK Offer30%40%50%
DIRECTORS
ExecutiveChua Boon Par (Chairman), Ding Hing Hui, Leong Wai Kit (alias: Liang Weijie)
Independent Non-ExecutiveChia Kok Seng, Gay Soon Watt, Wong Heung Ming Henry
MAJOR SHAREHOLDERS
Ultimate Global75%
INCOME STATEMENT (SG$'000)
(Year ended Dec 31)
201920182017
Revenue76,65981,16771,776
Gross Profit15,89015,34715,269
Pre-Taxed Profit6,0818,0349,242
Attributable Profit for the period4,6386,4407,926
OFFER STATISTICS (HK$)
Offer Price$0.50 - $0.65
Capitalization$500m - $650m
Unaudited pro forma adj NAV / share$0.15 - $0.18
USE OF PROCEEDS
Assuming the offer price being at the mid-point of $0.58, the net proceeds raised would be HK$85.1m, of which:
* $27.4m (32.2%) to recruit new employees;
* $24.2m (28.4%) to rent the New Rented Property to expand the existing production facilities, acquiring machinery and equipment;
* $12.9m (15.2%) for the acquisition of a Singaporebased interior design company;
* $7.8m (9.2%) to invest in hardware devices and computer software;
* $4.7m (5.5%) for the acquisition of new machinery and equipment;
* the balance of $8.1m (9.5%) as additional working capital.
CHART
IPO NEWS
No related information.
RELATED STOCK COMPARISON
Code Name Nominal Change %Change
01376RAFFLESINTERIORunchange0.5400.0000.000%
08259HON CORPunchange0.0920.0000.000%
Remark: The above information is referenced from the prospectus.
  All data is calculated from the non- exercise rights(if applicable).
  Quote data is at least 15-min delayed,last updated: 13/07/2020 17:55
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