iOThree (IOTR) began trading on the Nasdaq on Thur 10 Apr 25

iOThree is a leading provider of maritime digital technologies including satellite connectivity and digitalization solutions in Singapore focused on facilitating the maritime industry towards digital transformation. The Company was established to adopt an innovative approach towards the management of solutions accustomed to contemporary needs and drive the digital evolution in the maritime industry.

• Founded by Eng Chye Koh on August 21, 2023
• Headquartered in Singapore
• https://io3.sg/

Ticker:  IOTR

Basel Medical Group (BMGL) began trading on the Nasdaq on Tue 25 Feb 25

Basel Medical Group Ltd engages in the provision of healthcare services in Singapore. 

• Sector: Healthcare
• Industry: Medical Care Facilities
• Full Time Employees: 32
• Incorporated in 2023 
• HQ in Singapore
• https://baselmedical.com

IPO: 25 Feb 25;  initial public offering of 2,205,000 ordinary shares at a public offering price of US$4.00 per share

Ticker: BMGL

Society Pass (SOPA) : 3-year performance

Society Pass is an acquisitions focused e-commerce company building the next-generation digital ecosystem in SEA and South Asia.

It acquires and operates fintech and e-commerce platforms and mobile applications for consumers and merchants in Indonesia, Vietnam, Philippines, Singapore, the United States, Thailand, Malaysia, and Hong Kong. It operates through Online Grocery and Food and Groceries Deliveries, Digital Marketing, Online Ticketing and Reservation, Telecommunications Reseller, e-Commerce, and Merchant Point of Sale segments. 

The company was formerly known as Food Society, Inc. and changed its name to Society Pass Incorporated in October 2018. 

• Sector: Technology
• Industry: Software - Application
• Founded by Luan Thuc Nguyen on June 22, 2018
• Headquartered in Singapore
• https://thesocietypass.com

IPO: Tue 9 Nov 21

Ticker: SOPA

 

 

 

 weekly

 

 

 3 days later

 

 

3 days later

Orangekloud Technology (ORKT) : 5-month performance

Orangekloud Technology Inc., an investment holding company, provides enterprise application development services in Singapore, Indonesia, Malaysia, the United States, and internationally. It offers eMOBIQ platform, a No-Code rapid mobile application development platform for SMEs and organizations to design, build, and implement enterprise-grade custom applications with no coding required.

• Sector: Technology
• Industry: Software - Application
• Full Time Employees: 58
• Incorporated in 2023 
• Headquartered in Singapore
• https://orangekloud.com

IPO 25 July 2024:  2,750,000 Class A Ordinary Shares at a price of $4.75 per share, for a total of approximately US$13.1 million of gross proceeds.

1 month later

Super Hi International (HDL) began trading on the Nasdaq on Fri 17 May 24

Super Hi International (HDL), an investment holding company, operates Haidilao branded Chinese cuisine restaurants in Asia, North America, and internationally. The company is involved in the food delivery business. It also engages in sale of hot pot condiment products and food ingredients.

• Sector: Consumer Cyclical
• Industry: Restaurants
• Full Time Employees: 12,521
• Incorporated in 2022
• Based in Singapore
• https://www.superhiinternational.com

Ticker: HDL

 

 

Shein confidentially files for U.S. IPO

Shein has confidentially filed to go public in the U.S. as the Chinese-founded fast-fashion juggernaut looks to expand its global reach with a long-rumored initial public offering. 

The retailer was last valued at $66 billion and could be ready to start trading on the public markets as soon as 2024, people familiar with the matter said Monday.

• Shein is headquartered in Singapore and was founded in Nanjing, China in 2008. 
• In 2022, Shein was the world's largest fashion retailer with a value of $100 billion — more than fast-fashion predecessors H&M and Zara combined. 
• Shein uses on-demand manufacturing to reduce inventory waste and deliver affordable products. 
• It has been criticized for its labor practices and the role of fast fashion in pollution. 
• Shein promotes clothes under $30, $20 or even $5, mostly made in China and shipped directly to shoppers.
  
• https://us.shein.com/?ref=www&rep=dir&ret=us
  

Shein has faced a number of controversies, including: 

• Design theft: Artists have filed a racketeering lawsuit accusing Shein of stealing designs.
• Import tax laws: A congressional report says Shein abuses a loophole in import tax laws.
• Forced labor: Lawmakers have called for an investigation into alleged use of forced labor  in Xinjiang.

A confidential filing is common, as it allows companies to communicate with the U.S. Securities and Exchange Commission and make any necessary adjustments to their filings in private. Over the next few months, Shein will likely make tweaks to its paperwork and answer numerous questions from the agency. The filing will be made public once the company is ready to move forward with its IPO. At that point, those communications with the SEC and any adjustments to its paperwork will be released as well.

Shein has been on a meteoric rise over the past few years after it won over consumers across the globe with its fashion-forward designs, endless assortment and dirt-cheap prices. But Shein has faced a series of challenges along the way and faced accusations of using forced labor in its supply chain, violating labor laws, harming the environment and stealing designs from independent artists.

The company is currently under investigation by the newly formed House Select Committee on the Chinese Communist Party and has faced scrutiny over its ties to Beijing. Numerous lawmakers, including 16 Republican attorneys general, have called on the SEC to ensure Shein isn’t using forced labor in its supply chain before it’s allowed to start trading in the U.S.

Sea Ltd. (SE) started trading on the NYSE on 20 October 2017

• Sector(s): Communication Services
• Industry: Electronic Gaming & Multimedia
• Full Time Employees: 29,800
• Founded in 2009
• Headquartered in Singapore
• http://www.seagroup.com

Chief Executive Officer Forrest Li expands beyond games into e-commerce and payments. The company’s underwriters also pushed hard to raise $884 million, increasing the number of shares sold and lifting the price from an initial range of $12 to $14.

Sea was founded by Li as an online gaming company in 2009 and originally named Garena. He rebranded the company to reflect its regional ambition and diversification. Sea branched out with a digital payments service called AirPay in 2014 and the mobile shopping business Shopee in 2015.

Sea’s games business, which retained the Garena name, still accounts for more than 90 percent of total revenue. Like Tencent, the company offers games for free, then collects money when players buy virtual items like armor, weapons or special skills. It makes money in e-commerce from commissions and advertising, while collecting fees from payments.

Sea has been viewed as something of a test case for startups from Southeast Asia, including ride-hailing provider Grab, e-commerce site Tokopedia and travel provider Traveloka. Goldman Sachs Group Inc., Morgan Stanley and Credit Suisse Group AG led the public offering.

Manchester United plans a $1 billion IPO in Singapore

Manchester United’s owners have appointed Credit Suisse to prepare for a $1bn partial flotation, an outcome that would go a long way towards establishing a true valuation of the Premier League champions.

Two people familiar with the plan said the flotation would take place in Singapore. Another person said the plan was for 25-30 per cent of the club to be made available.

Credit Suisse has been hired to lead the listing process, as sole global co-ordinator and bookrunner, according to people familiar with the matter. Credit Suisse declined to comment, while Manchester United said: “We don’t comment on market speculation.”

The Glazer family, the US-based owners of United, have long believed that the club was worth more than £2bn ($3.3bn), although one person with knowledge of the flotation plan said the Glazers had been advised that a partial flotation could establish a value of £1.7bn.

Manchester United's Nemanja Vidic (C) lifts the trophy with teammates after their FA Community Shield soccer match against Manchester City at Wembley Stadium in London August 7, 2011.

Winning the United IPO will be regarded as a major coup by the Singapore Exchange, which has invested significant effort in seeking to attract substantial listings from overseas as part of its “Asian Gateway” strategy.

The SGX has traditionally been regarded as a poor relation of the much bigger Hong Kong market, which benefits from a flow of mainland Chinese listings and was initially expected to win the flotation.

The SGX is also understood to have been chosen as a listing venue by Fitness First, the UK gym chain, which hopes to raise about $500m in an IPO that has been delayed by market conditions.
However, Hong Kong remains the Asian exchange of choice for many overseas companies, having won the $11bn IPO of Glencore, the Swiss-based commodities group, in May.

United have been champions of England for a record 19 times, and have strengthened their squad with a number of players in the summer transfer window, establishing the club as firm favourites to retain the Premier League title.

NET LOSS
One source said the loss-making club had switched to Singapore from Hong Kong, which has become the venue of choice for global brands such as fashion house Prada SpA and cosmetics maker L'Occitane International, but did not give a reason.

Hong Kong bars unprofitable companies from listing on its exchange. United's 2010 full-year results showed gross debt attached to the club standing at 522 million pounds, with a net loss of 84 million pounds.

The Glazer family, which took United private following their 790 million pounds ($1.3 billion) takeover in 2005, has endured a turbulent spell at the helm of the Old Trafford side. Fans have taken to wearing the green and yellow colors of United's predecessor club Newton Heath in an anti-Glazer campaign.

The Americans have been criticized by supporters who are uncomfortable with the club's levels of debt, despite continued on-field success, most recently last season's record 19th league title.

A multi-million pounds summer signing spree of players including Ashley Young from Aston Villa may have helped assuage fan concerns, along with an opening day 2-1 league victory against West Bromwich Albion.

The IPO of a globally recognized brand such as Manchester United would be a coup for Singapore, which has been competing with Hong Kong for international listings.

Despite winning the biggest IPO in Asia Pacific during the first half of 2011 -- the $5.45 billion deal from Hutchison Port Holdings Trust in March -- Singapore's $7.1 billion in IPO proceeds in the period paled in comparison with Hong Kong's $13.4 billion, according to Thomson Reuters data.