Metrocon debuts on SGX Catalist 17.5% up after $22M reverse takeover
What's the deal? Metrocon Holdings closed its first trading day on the Singapore ExchangeDealroom has a profile for this one. Try Dealroom →'s Catalist board at US$0.17 on Tuesday, 17.5% above its US$0.15 placement price. The Singapore geotechnical engineering firm reached the market through a US$20.5M reverse takeover of distressed property developer Hatten LandDealroom has a profile for this one. Try Dealroom →, sidestepping a conventional IPO.
How did the debut go? The stock opened at US$0.17, touched US$0.22 intraday, and saw about 8.5 million shares change hands. Metrocon also completed a US$3.37M compliance placement, with proceeds earmarked for working capital and growth plans.
What does Metrocon do? It specialises in foundation engineering, ground improvement works, and related services. Revenue rose from US$17.3M in 2023 to US$44.8M in 2025.
What about the financials? As of June 30, Metrocon reported a gross profit margin of 11.4% and an order book of US$62.6M stretching over the next 24 months. It filed the circular tied to the acquisition on June 30.
Why the reverse takeover? Hatten Land, once the property arm of Malaysia's Hatten Group, entered judicial management before the deal. Its portfolio includes the Harbour City waterfront development in Malacca, which stalled and remains unfinished, alongside unsold residential and commercial units in the state.
The signal: A reverse takeover let a growing engineering firm list without the cost and timing of an IPO, while giving a troubled developer's shell new life. The first-day pop suggests investors backed the swap of Hatten Land's dormant assets for Metrocon's expanding order book.
Read more: businesstimes.com.sg
Image credit: Generated with Gemini
