EGP Energy offers 18.82 million shares at 51 cents for IPO

Lin Daoyi07-21 07:57

As of May 2026, EGP is one of only 16 firms to hold the L6 SY04 unlimited bidding category under the BCA registration framework - the highest contractor qualification in Singapore's T&D market....

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The placements value the company at approximately $115 million on roughly 225.5 million shares.\nOut of the 18.82 million offer shares, one million are for public subscription in the Singapore market while the balance offer shares are for private placement. The company expects the shares to be listed and commence trading at market opening on July 29.\nRetail investors may subscribe to a minimum of 1,000 public offer shares from 9.00 am on July 22 to 12.00 pm on July 27. Additional shares may be applied in integral multiples of 100.\nThe company has entered into agreements to issue a total of 41.18 million shares, or around 18.3% of total issued shares, to cornerstone investors, including Amova Asset Management, Avanda Investment Management, Ginko-AGT Global Growth fund, Value Partners Hong Kong, Whitefield Capital Management. Amova and Avanda are two of nine selected fund managers for Singapore's equity market development programme (EQDP). \nWhile the cornerstone investors are not subject to any lock-up restrictions for their shares in EGP, the two controlling shareholders and a significant shareholder have to adhere to a lock-up period of six months commencing from the date of listing.\nAfter the IPO, EGP executive chairman and CEO Frankie Fan, will hold approximately 39.4% of EGP shares indirectly via Fangrowth Holdings while Ho Teck Hong will hold an indirect stake of 7.5% in the company via Growth Synergy.\nNg Tian Soo, executive chairman of Hong Kong-listed Wei Yuan Holdings, will hold a 26.5% direct stake in EGP. Wei Yuan is the holding company of Singapore-based Wee Guan Construction, which was founded by Ng, his father and another family member. According to its website, Wee Guan \"remains a key contractor in the PowerGrid (formerly PUB) power transmission and distribution (T&D) project in Singapore.\"\nAccording to its registered prospectus, EGP will use the IPO proceeds - amounting to approximately $27.4 million - to fund the expansion of its product offerings and customer base, and to enhance its capabilities in maintenance services, digitalisation and intelligent technologies. Other uses include funding for market expansion to Malaysia and Indonesia and for general corporate and working capital purposes.\nEGP is co-founded by Fan, a 30-year industry veteran. The company has an established track record in the T&D industry built on consistency and timely delivery of high-quality projects across a spectrum of voltages in Singapore.\nAs of May 2026, EGP is one of only 16 firms to hold the L6 SY04 unlimited bidding category under the BCA registration framework - the highest contractor qualification in Singapore's regulated T&D market. The island-state's T&D market is characterised by substantial barriers to entry to protect the reliability, safety and technical integrity of the national electrical grid.\nAccording to an independent market research report prepared by Frost & Sullivan, EGP Energy held approximately 24.9% of the EHV and HV switchgear and transformer market share in Singapore in 2025 and held a market leading position in the EHV and HV switchgear segment with an estimated market share of approximately 37.5% in 2025, representing more than one-third of all 66kV, 230kV and 400kV switchgear contracts awarded in Singapore during the year.\n\"Our Group has grown alongside Singapore's energy infrastructure, and in 2025, we held a market leading position in the EHV and HV switchgear segment,\" says Fan. \"As Singapore's electrical grid is entering a period of significant expansion driven by data centres, semiconductor manufacturing, electric vehicle infrastructure, and major projects such as Changi Airport's Terminal 5, we expect such expansion and major projects to bring a new wave of demand for the T&D expertise that our Group specialises in.\"","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.46.0","shortVersion":"4.46.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2653763200","isCrawlerRequest":true}