Sports events group Kin Global opens 17.4% above IPO price in Catalist debut

[SINGAPORE] Shares of sports events management firm Kin Global rose in their trading debut on the Catalist board on Thursday (Apr 23), opening at S$0.27.

This was 17.4 per cent higher than its initial public offering (IPO) price of S$0.23.

As at 9.15 am, the counter was trading at S$0.27 with almost 6 million shares changing hands.

The strong debut follows a strong 29.5 times subscription for its public offer tranche of one million shares.

Kin Global received 419 valid applications for a total of around 29.5 million shares, with application monies amounting to about S$6.8 million.

The placement tranche of 23.9 million shares was drew an oversubscription of about 2.9 times.

In total, the IPO raised gross proceeds of S$10.1 million, including a cornerstone tranche of 19.2 million shares.

The cornerstone investors include Amova Asset Management Asia, Apricot Capital, Asdew Acquisitions, Qiling Wealth Fund, and Rudolf Jurgen August Rolles.

The Singapore-based company – which counts the World Aquatics Championship, FIDE World Chess Championship Singapore 2024 and Singapore 2024 World Taekwondo Virtual Championship as projects under its belt – is the third company to list on the Catalist board this year, after The Assembly Place and Toku.

The group intends to use the net proceeds of about S$7.4 million to scale its business through mergers and acquisitions (M&A), joint ventures, and strategic alliances, specifically targeting the broader events tourism sector. A portion of the funds will also be used for general working capital to support participation in larger-scale tenders.

The group does not currently have a fixed dividend policy, but the company previously indicated its intention to recommend dividends of not less than 20 per cent of its net profit after tax for the financial year ending June 30, 2025, and 30 per cent for FY2026.

SAC Capital is the sponsor, issue manager, underwriter, and placement agent for the IPO.