Lum Chang Creations launches Catalist IPO, CEO says mainboard is next
Lum Chang Creations CEO Lim Thiam Hooi is confident the company's IPO will perform well on Catalist.
SINGAPORE – A property restoration firm is launching an initial public offering (IPO) here to raise around $12.3 million to fund expansion.
Lum Chang Creations, which will trade on the Catalist board, is offering 49 million shares at 25 cents apiece, its prospectus noted on July 9.
The IPO will comprise one million new shares available to the public in Singapore, and 48 million offered via placement – 34 million new shares and 14 million existing ones.
Lum Chang Creations, a spin-off from mainboard-listed real estate developer Lum Chang Holdings, specialises in conservation, restoration interior fit-outs and addition sand alterations.
It will be looking for merger and acquisition opportunities and has already identified potential targets, said chief executive Lim Thiam Hooi. It also has plans to expand into Malaysia and Indonesia.
Based on the IPO price and a post-listing share base of 315 million, the company is expected to debut on Catalist with a market capitalisation of $78.75 million.
Lum Chang Holdings will hold a 71.1 per cent stake in Lum Chang Creations after the IPO, while Mr Lim will own around 13.3 per cent. The public will account for the remaining 15.6 per cent.
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Mr Lim said the firm is listing at a time when demand for real estate revitalisation and preservation work is on the rise, backed by public and private sector jobs.
The company's track record includes work at St James Power Station and the Red Cross House. It is also involved in projects such as restoring the facade of the National Museum building and had a order backlog worth $122.8 million as of May 31.
Its unaudited financials for the first six months of 2025 note that Lum Chang Creations increased earnings by 61.6 per cent to $5.3 million compared with the same period in 2024, while revenue rose 16 per cent to $40.8 million.
Projections from market researcher Converging Knowledge indicate that Lum Chang Creations has a market share of between 14.4 per cent and 17 per cent for property revitalisation work in Singapore.
Mr Lim said 2026 is expected to be a stronger year for the company, as more of its ongoing projects are completed and new orders are secured. The company recognises only 50 per cent of a project's value until it is finished, he added.
The company intends to declare dividends amounting to 30 per cent of profits for the 2025 and 2026 financial years.
Despite its promising potential, Mr Lim said Lum Chang Creations' IPO is priced at the lower end of its expected range and at about five to six times its earnings.
'This IPO is just the first step. We are not finished here,' he added.
'After we show people that we can make money and distribute profits to shareholders, six to eight months down the road we can do more placements.
'If successful, our capital base will get bigger, and we can move further. We can go to the mainboard.'
Lum Chang Creations shares are expected to begin trading on July 21.
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