Success Story
Yangzijiang Shipbuilding Holdings (SGX: BS6)
IPO Advisory | Maritime & Shipbuilding
From River Shipbuilder to Global Maritime Leader
Situation
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Capital-constrained shipbuilder focused on small river vessels
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Annual turnover of ~RMB 100 million pre-IPO
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Required funding to expand capacity and move into larger commercial vessels
Transaction
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Listed on the Singapore Exchange via IPO in April 2007
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IPO price: S$0.95 per share
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Funds raised: ~S$1.09 billion (one of the largest IPOs at the time)
Outcome
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Constructed a new shipyard to significantly expand production capacity
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Expanded into higher-value and more complex vessels
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Funded acquisitions and working capital during the global shipping boom
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Share price increased to S$3.65 as of January 2026
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Annual turnover now exceeds S$30 billion
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Secured 22 vessels with total contract value of ~US$920 million
TechCreate Group Ltd (NYSE: TCGL)
IPO Advisory | Technology & FinTech
Scaling a Homegrown Fintech onto the Global Stage
Situation
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Founded in 2015 as a technology consultancy and software distributor
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Strategic shift towards proprietary fintech solutions (AI-RTE)
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Needed capital to fund R&D, innovation, and international expansion
Transaction
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Listed on NYSE American via IPO in October 2025
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IPO price: US$4.00 per share
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Funds raised: ~US$10.2 million
Outcome
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Accelerated R&D investment in AI-RTE platform
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Expanded operations into new markets, including Cambodia
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Supported business expansion, M&A, and working capital
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Gross margin improved from 57% pre-IPO to 70.5% post-IPO
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Secured new projects in Brunei and Cambodia
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Share price increased by 50%+ since IPO
Past Transactions
