The company raised approximately 242 million Singapore dollars—roughly 187.2 million U.S. dollars—through the offering of 162.6 million shares. While interest appeared healthy during the subscription phase, with the IPO oversubscribed by 3.8 times, secondary market momentum failed to materialize. Trading opened with a brief 1.3% gain before the stock settled at 75.5 cents.

This performance arrives as Singapore intensifies efforts to revitalize its equity market. The Monetary Authority of Singapore recently launched a 6.5 billion dollar development program aimed at boosting liquidity, alongside a strategic partnership with Nasdaq to streamline dual-listings. These regulatory pushes are beginning to populate the pipeline, with workspace operator JustCo debuting in May and firms like EGP Energy Corp. currently preparing preliminary filings.