SEAVI Advent’s portfolio, Sin Heng Heavy Machinery Limited, successfully completes its Initial Public Offering on the Singapore Exchange. Sin Heng Heavy Machinery Limited has successfully completed its Initial Public Offering and its shares commenced trading on the Singapore Exchange on 3 February 2010. Sin Heng is a leading Singapore-based heavy lifting services provider, servicing the infrastructure and geotechnic, construction, offshore and marine, oil and gas industries. Its core business activities are rental and trading of cranes and aerial lifts. In addition, it also undertakes sales and distribution of spare parts for cranes and aerial lifts.
Over the years, Sin Heng has participated in numerous landmark infrastructure and construction projects in Singapore, including Benjamin Sheares Bridge, PIE, CTE, KPE, MCE, MRT, the Singapore Flyer and the two Integrated Resorts. In addition, it has established a wide trading customer base comprising more than 100 customers and spanning USA, Europe, the Middle East, Asia, Australia and Africa
For its next phase of development, Sin Heng will be renewing and expanding its equipment rental fleet in Singapore and providing more complementary product offerings to target a larger customer base. In addition, it will also expand its equipment rental fleets in Malaysia and Vietnam. By locating its fleets nearer to customers, Sin Heng will be able to reduce its transportation costs and respond more effectively to customers’ requirements. Furthermore, Sin Heng will be exploring acquisitions, joint ventures and strategic alliances with synergistic targets to expand its business and operations.
Sin Heng raised nearly US$35 million from its IPO. The IPO was jointly managed by DBS Bank and Stirling Coleman and was underwritten by DBS Bank.
About SEAVI Advent Private Equity
SEAVI Advent Private Equity, the Asian affiliate of Boston based private equity institution Advent International Corporation, is one of the first private equity and venture capital firms to operate in the Asia Pacific region. Since 1984, the firm has invested over US$500 million into many Asian companies, from growth to late stage, as well as buyout and control transactions. SEAVI Advent has successfully helped more than 40 portfolio companies strengthen their business positions through initial public offerings on the stock exchanges of Singapore, Hong Kong, United States of America, Malaysia, Thailand, Indonesia and Philippines. In recent years, SEAVI Advent has successfully conducted numerous investments and has been instrumental in delivering value for its portfolio companies, which include Yangzijiang Shipbuilding (Holdings) Ltd and Shengli Oil & Gas Pipe Holding Ltd.