Lum Chang Creations shares rise on Catalist debut, 20% higher than IPO price

Lum Chang Creations (LCC) rose on its Catalist board debut on the Singapore Exchange on Monday (Jul 21).

LCC began trading at 9am on Monday, opening at S$0.30, with the stock code LCC.

The property management, interior design, and construction firm had offered 49 million shares at S$0.25 each. Its one million offer shares were about 47.3 times oversubscribed by retail investors, with the remaining 48 million offered under the placement tranche.

The IPO is set to expand LCC’s market visibility and boost its capabilities, LCC managing director Lim Thiam Hooi had told The Business Times.

Lim had also previously said that this was the “best time” for the company to list as it was scaling rapidly. Favourable market conditions and encouraging government initiatives made this an ideal period to go public, he said.

The company had been spun off from Lum Chang Holdings (LCH), which is listed on the SGX mainboard, after an internal restructuring that ended in June.

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LCH will now have a 71.1 per cent stake in LCC after Monday’s IPO, while (Managing Director) Lim will own around 13.3 per cent and the public will own the remaining 15.6 per cent, according to The Straits Times.

The IPO proceeds are also set to boost LCC’s visibility and give it greater operating independence, Lim had said.

RHT Capital is acting as the sponsor and issue manager for the offering, while CGS International Securities Singapore is the underwriter and placement agent.

The company’s board of directors had intended to recommend dividends of at least 30 per cent of the group’s net profit attributable to shareholders in each of the financial years ending on Jun 30 in 2025 and 2026.

LCC is an urban revitalisation specialist in conservation and restoration, interior fit-outs, and addition and alteration works, according to its website.