By Esther Teo

SINGAPORE-based mobile crane specialist Hiap Tong Corporation is set to jump on the initial public offering (IPO) bandwagon with a share placement that is expected to net the company $9.8m.

The catalist board listing on the Singapore Exchange will see Hiap Tong sell 38 million new shares at 26 cents apiece, representing an estimated price earnings ratio of 5.3 times.

The firm plans to use about $4 million to increase its lifting and haulage capacity by up to 20 per cent. And it has already placed orders for five cranes and five units of haulage equipment at a cost of $16.3 million. Another $2 million will be used for expansion overseas, while the remainder will be earmarked for general corporate expenses and working capital.

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