ST Integrated Engineering (STIE) is looking to raise about S$4 million by listing on 1exchange (1X), Singapore’s only regulated private securities exchange.
The engineering and IT solutions company offers Integrated Facilities Management (IFM) solutions and Information Technology Services (ITS) to both private and public sector clients in Singapore, Malaysia, Saudi Arabia, and the United Arab Emirates.
The funds will be used to expand STIE’s overseas expansion, developing their IFM and ITS offerings, and strengthening capabilities to capture larger and more complex tender opportunities.
STIE intends to focus on the Rail and Infrastructure segment as part of its near-term growth strategy.
The company has participated in sizeable government and public sector contracts such as RapidKL and Hartasuma Sdn Bhd in Malaysia.
According to The Straits Times (ST), STIE said it will list an “undisclosed portion of its equity on 1exchange”.
1X is an affiliated entity of CapBridge, an online capital raising platform for growth companies, and is backed backed by the Singapore Exchange.
Regulated by the Monetary Authority of Singapore (MAS), 1X lets private firms create and list tradeable equities which can be bought and sold by investors anytime with no lock-up period.
STIE’s move comes after homegrown fund manager, Aggregate Asset Management, the first private company to list on 1X, went live on the exchange in July where it had an oversubscribed value of S$5.6 million.
“Our diversified customer base characterised by long-term and large scale contracts has enabled us to think and operate as a sustainable and resilient business through economic cycles, anchored by smart technology and deep field expertise,” said Mushtaq Ahmad, Chairman of STIE.
In Singapore, the firm’s clients include entities such as the Building & Construction Authority (BCA), the Housing Development Board (HDB) in Singapore.
In the Middle East, the company has worked with McDonald’s in Saudi Arabia and the Abu Dhabi Police in the UAE.
STIE has offices in Singapore and India and over 375 employees.
It expects to increase headcount and build deeper expertise as it expands into new markets.
Featured Image Credit: Ground Engineering UK