Fastener Supplier PS Group Aims to Become a Listed Company

Fastener supplier PS Group has launched an initial public offering (IPO) to raise net proceeds of $3.8 million Singpore dollars. The firm supplies more than 15,000 types and sizes of fasteners. It is aiming for a listing on Catalist, the Singapore Exchange's second board. PS Group's co-founder and executive chairman Teo Choon Hock said the company's growth is not tied to any one sector, as fasteners are used in a wide array of industries. He added that becoming a listed company is the next natural step in expanding the business. "In order to compete effectively, we need to bring the company to the next level, and listing the company is part of that effort." The group is now concentrating its efforts on its emerging markets business. Last year, 23.2 per cent of its revenue came from customers in Sri Lanka, Panama and the United Arab Emirates, among others. "We expect that the increasing fixed investments and a rise in manufacturing bases in emerging economies... will in turn boost the demand for fastener products," said Mr Teo. The company's 200 customers come from more than 45 countries, though the bulk of its revenues last year came from Singapore, Malaysia and Indonesia.