A release issued by the company on the day of the IPO said that the offer had been 3.8 times subscribed. Executive chairman and company founder Sun Zhao Lin said, “We would like to express our sincere appreciation to our investors for their strong interest and support. We believe the high level of interest in Yongmao is a reflection of investors’ confidence in the company’s fundamentals and growth prospects, the fact that we are well-positioned to capitalise on the growing demand for tower cranes in China as well as around the world.”
The company expects proceeds from the IPO of roughly SGD35.4m; around SGD31.6m will be used for the construction of a new manufacturing facility and for the acquisition of plant and machinery. The company has previously announced that it will be building a new crawler crane manufacturing facility in its hometown of Fushun.
The remaining proceeds will be used for working capital purposes.
