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Attika Group closes debut trading day with less than 800,000 shares traded
SHARES of Attika Group closed at its peak of S$0.235 on the counter&rsquo s first day of trading, 6.8 per cent above its S$0.22 initial public offering (IPO) price.
This gives the commercial interior decoration and engineering company a market capitalisation of close to S$32 million, higher than the estimated S$29.9 million market cap based on the issue price.
The group had earlier commenced trading on the Catalist board of the Singapore Exchange at S$0.21, lower than its IPO price.
The counter also briefly touched the S$0.235 peak at the market open, on the back of a transaction of 75,100 shares.
On Thursday (Nov 7), the group 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&rsquo s controlling shareholder is its managing director and executive chair Steven Tan, who holds 136 million of the company&rsquo s shares &ndash an 84.6 per cent stake, after the placement.
The group&rsquo s net profit for the financial year ended December 2023 was 10.1 per cent higher on the year at S$2.3 million. Revenue climbed 8.3 per cent to S$27 million.
The company said that revenue for the first three months of this year 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&rsquo s profit attributable to equity holders in FY2024 and FY2025.