Lum Chang Creations shares rise 20% on Catalist debut

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

The company opened at a price of S$0.30 per share, with the stock code LCC, giving it a market capitalisation of S$81.2 million.

It had offered 49 million shares at S$0.25 each. Its one million public offer shares were about 47.3 times oversubscribed by retail investors, with remaining 48 million offered under the placement tranche.

The initial public offering (IPO) is set to expand LCC’s market visibility and boost its capabilities, the company’s managing director Lim Thiam Hooi had told The Business Times.

Lim 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 was listed on the SGX mainboard, after an internal restructuring that ended in June.

LCH will now have a 71.1 per cent stake in LCC after the IPO, while Lim will own around 13.3 per cent and the public will own the remaining 15.6 per cent.

The IPO proceeds are also set to boost LCC’s visibility and give it greater operating independence, Lim 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 Jun 30, 2025, and the same corresponding period next year.

LCC is an urban revitalisation specialist in conservation and restoration, interior fit-outs, as well as addition and alteration works.