Attika Group makes trading debut at S$0.21, below IPO price

SHARES of Attika Group commenced trading on the Catalist board at S$0.21 on Friday (Nov 8), down 4.5 per cent from its initial public offering (IPO) price of S$0.22.

This debut price is indicative of a company market capitalisation of S$28.6 million, which is slightly lower than the estimated S$29.9 million market cap based on the issue price.

The counter rose briefly as much as S$0.025 or 11.1 per cent to S$0.235 at the market open with a transaction of 75,100 shares.

On Nov 7, the commercial interior decoration and engineering company said it raised around S$4.6 million from its offering of 21 million placement shares that were fully subscribed.

The bulk, or S$1.3 million, of the proceeds raised will go towards funding expansion initiatives.

Attika’s controlling shareholder is its managing director and executive chair Steven Tan, who holds 136 million of the company’s shares or an 84.6 per cent stake after the placement.

The group’s net profit for the financial year ended December 2023 was 10.1 per cent higher on the year at S$2.3 million, while revenue climbed 8.3 per cent to S$27 million.

The company said that revenue for the first three months of this year has already reached S$22.1 million.

While Attika does not have a fixed dividend policy, its board of directors intends to distribute dividends of at least 20 per cent of the company’s profit attributable to equity holders in FY2024 and FY2025.