Springview Holdings Ltd. (SPHL), the parent of a profitable Singapore residential and commercial builder, priced its micro-cap IPO at $4.00 – the low end of its range – after slightly upsizing the deal to 1.5 million shares – up from 1.25 million shares in the prospectus – to raise $6.0 million on Wednesday night, Oct. 16, 2024.
Springview Holdings’ stock closed today – Thursday, Oct. 17, 2024 – at $4.25 – up 25 cents from its IPO price – in its first day of NASDAQ trading.
AC Sunshine Securities, a woman-owned firm, was the sole book-runner.
Springview Holdings Ltd., based in Singapore, designs and builds residential and commercial buildings in Singapore, according to the prospectus. The company was founded in 2002.
“We are involved in new construction, which includes demolition of an existing house to clear the site for a new house; reconstruction, which includes the replacement of a major part of a house; or additions and alterations, in which we make minor modifications to an existing house,” the prospectus said.
Most of Springview’s revenue comes from projects for residential customers, according to the prospectus. Of the US$10.82 million in revenue for 2023, the company booked US$8.78 million in revenue from projects contracted with residential customers, while it received US$1.33 million in revenue from an additions and alterations project for a shophouse and a design consultancy service for commercial customers, the prospectus said.
Springview Holdings Ltd. is profitable. For the year that ended Dec. 31, 2023, Springview Holdings Ltd. reported net income of $1.81 million on revenue of $10.82 million.
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