Metrocon draws 17.5% above placement price in SGX debut

Approximately 8.45 million shares were traded on its first day.

Metrocon Holdings Limited closed at $0.235 per share on its first day of trading on the Catalist board of the Singapore Exchange.

In a statement, the company said its closing price was 17.5% above its placement price of $0.20 per share.

Metrocon debuted at $0.23 per share, a 15.0% premium above the placement price, and the share price reached an intraday high of $0.295, a 47.5% increase.

The company has completed more than 40 projects in Singapore. As of 30 June, the company had an order book of approximately $85.25m, providing visibility for ongoing project execution and future revenue.

It also recently secured a $750,000 soil improvement subcontract for a public housing development comprising 1,976 units, with the project expected to be completed in 2031.

Metrocon said its compliance placement received strong support from construction industry veterans. This pushed total issued and paid-up capital to 176,867,569 shares from 153,867,569 shares .

Gross proceeds of $4.6m raised from the compliance placement will be used to fund the group’s working capital requirements and pursue its growth plans.

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