Figtree (IPO)

Figtree: Its IPO of 54.5m shares at $0.22 is based on a trailing P/E of 13x and 12.3x P/B. Market cap post placement would be $61.1m with 277.5m shares. Briefly, Figtree specialises in the design and building of commercial and industrial facilities, as well as property development. The Group typically acts as the main contractor for its projects in Singapore, covering new construction, A&A works on existing buildings as well as refurbishment and upgrading of existing buildings. In the PRC and Malaysia, the Group typically provides design and project and construction management consulting services. The Group had an order book for on-going project works of approximately S$91.91 million. A substantial part of these on-going project works is expected to be completed and recognised as revenue between FY2013 and FY2015. Group would be utilizing the IPO proceeds to undertake property development projects and to expand its operations in existing markets and new markets. Competitors include Boustead's subsidiary, Boustead Projects Pte Ltd, and Soilbuild Construction.