SINGAPORE – Shares of electrical infrastructure solutions and service provider EGP Energy Corporation rose on the morning of July 29 on its trading debut on the Singapore Exchange (SGX).
The counter began trading at 55 cents, up 7.8 per cent from its initial public offering price of 51 cents. By market close, the counter was 21.6 per cent above its IPO price at 62 cents.
EGP Energy is the fourth company to list on the SGX mainboard in 2026, following the listings of Foundation Healthcare, JustCo and UI Boustead Reit. It now has an issued share capital of nearly 225.5 million shares, with a market capitalisation of about $115 million based on the offering price.
“This listing strengthens our financial position and gives us the platform to deepen our capabilities, grow with the demands of Singapore’s evolving electrical infrastructure, and extend our track record into new markets across the region,” said Frankie Fan, executive chairman and CEO of EGP Energy.
Expansion planned
EGP Energy provides end-to-end engineering, construction and maintenance services for major power grid projects, ranging from medium-voltage local networks to extra-high-voltage transmission lines.
Its IPO comprised about 18.8 million offering shares priced at 51 cents each.
Of these, about 17.8 million shares were offered through an international placement to institutional and other investors in Singapore, as well as selected institutional and other investors outside the US. One million shares were offered to the public in Singapore.
The Singapore shares offered were 17.6 times subscribed by the close of the public offer at noon on July 27, with 651 valid applications for the offer shares.
These applicants applied for an aggregate of 17.6 million shares, with about $9 million received in application monies, said EGP Energy.
The company expected to raise total gross proceeds of about $30.6 million and net proceeds of about $27.4 million through the IPO and cornerstone subscription agreements. These agreements were expected to raise about $21 million in gross proceeds across about 41.2 million new shares.
The company said it intends to use the proceeds primarily to expand its product offerings and customer base, strengthen its maintenance services capabilities, invest in digitalisation and intelligent technologies, and support its expansion into Malaysia and Indonesia.
While EGP Energy said it does not have a defined dividend policy, it previously said it intends to recommend and distribute dividends of up to 40 per cent of its net profit after tax for 2026 and 2027. THE BUSINESS TIMES
