Singapore-headquartered Legend Logistics is looking to go public on the local stock exchange to raise some S$200 million ($146 million), Bloomberg reported on Thursday.
The logistics firm is reportedly in talks with financial advisors for the potential first-time share sale, the report added citing sources close to the matter. The company is aiming for a listing as soon as early 2023 but the size and timing of the IPO could still change as deliberations are still going on, the sources added.
At $146 million, Legend Logistics’ offering would be the biggest in the city-state since Digital Core REIT Management raised $647 million in an IPO in November 2021.
In December 2019, Legend Logistics secured a $7 million investment from ACA Investments, a Singapore-based private equity firm that is 34% owned by Daiwa Securities Group.
Founded in 2012, Legend Logistics is a one-stop logistics provider for heavy haulage, bulk liquid, dry commodities, perishable products and oversized cargo. The company operates in 10 countries and has regional offices in Asia, Oceania and Europe
The company’s listing will be a confidence booster for the first-time share sale market in Singapore, which saw some $421 million being raised from nine IPOs between Jan.1 and November 11 this year, according to data released by professional services firm Deloitte. This is a sharp fall from the $1.2 billion raised by eight IPOs in the city-state in the entire 2021.