Deluge jumps 6.7% on SGX debut as IPO oversubscribed nearly fourfold

Deluge Corporation, a fire-protection specialist, ended its SGX mainboard debut 6.7 percent higher, closing at S$0.64 after opening at S$0.63 and hitting an intraday high of S$0.65. The IPO offered 15.6 million shares at S$0.60 each and was 3.86 times oversubscribed, with the public offer attracting 11.97 times demand and the placement tranche 3.42 times. Investors such as Lion Global Investors, UOB Asset Management and several cornerstone funds subscribed for a total of about S$23.4 million in gross proceeds; after S$3.27 million in listing costs, net proceeds are expected to be around S$20.1 million.

Deluge plans to allocate the funds to business expansion, working capital, operational upgrades and strategic partnerships, acquisitions and regional growth. The firm holds an order book of roughly S$433.04 million, mainly for infrastructure projects like the Cross Island Line and other rail depots. Executive director and group chief executive Lee Wai Wah said the listing provides a stronger platform to capture Singapore’s infrastructure development opportunities. Deluge trades on SGX under the code 9DC.