SINGAPORE - Singapore-headquartered recruiter Sheffield Green said on Monday that it has completed its registration to list on the Catalist board of the Singapore Exchange (SGX).
The company, which provides recruitment services to firms in the renewable energy industry, seeks to raise $6 million in gross proceeds through its initial public offering (IPO).
It is offering 24 million shares at 25 cents apiece, of which 20.4 million are placement shares and 3.6 million are for public offering.
The counter is expected to start trading on Oct 30, after applications for the shares close on Oct 26 at noon.
Sheffield Green chief executive Bryan Kee told The Straits Times on Monday that the company intends to use roughly 50 per cent of the $6 million it expects to raise from the IPO to expand its business to countries such as the United States, Poland and Germany.
The funds will also be used to build a new product line – a training programme based in Taiwan aimed at preparing new personnel to work in the renewable energy industry.
Based on the issue price of 25 cents a share and Sheffield Green’s post-offering share capital of 186,255,600 shares, assuming all shares on offer are successfully subscribed, the company will have a market capitalisation of $46.6 million at listing.
Mr Kee said the company received advice to list in the US, but decided to buck the recent trend of Singapore companies listing overseas because it does not foresee itself attracting enough investments there.
He said: “We think that listing on the SGX is more sensible instead of going to the US to list on Nasdaq when we don’t even have a lot of presence (in the US).”
He added that with so many companies on the US stock exchanges, investors are spoilt for choice.
This means that for entrants without a strong presence in the country, it is unlikely that investors will bite because they do not have a thorough understanding of what the company does.
Incorporated in Singapore in 2021, Sheffield Green is the renewable energy spin-off of Sheffield Energy, which focuses on recruitment within the oil and gas industry.
Sheffield Green’s primary business is providing firms in the renewable energy industry with manpower ranging from C-suite executives and technical staff to offshore crew working in sub-segments such as onshore wind, offshore wind, solar and green hydrogen.
In 2022, the company saw its revenue balloon to US$7.7 million (S$10.5 million), compared with 2020 when it recorded revenue of US$2.5 million.
In the first nine months of the 2023 financial year, the company saw its revenue hit US$19.04 million, about four times its revenue in the same period in 2022.
The company said in its final offer document that it expects revenue to grow as the wind energy sector expands, with jobs in the renewable energy industry set to triple from 12.7 million in 2021 to 38.2 million worldwide by 2030.
It also expects more focus on the training of workers due to the local content requirements of various governments.
In the 2023 financial period, Sheffield Green has a total of 818 employees across operations in Singapore, Taiwan, Japan and France. This includes employees working within the company as well as the personnel that it hires for clients based in those locations.
While Sheffield Green is headquartered in Singapore, it only has seven employees in the Republic. The majority of its business comes from renewable energy firms in Taiwan, where it has 807 employees.
