SINGAPORE – SKK Holdings Limited, a Singaporean civil engineering service provider, has set the price for its initial public offering (IPO) at $4.00 per share, aiming to raise $10 million in gross proceeds before underwriting discounts and offering expenses. The company, which is specialized in subsurface utility works such as cable laying and sewer rehabilitation, is offering 1,750,000 ordinary shares while the remaining 750,000 shares are being sold by existing shareholders.

The shares are scheduled to start trading on the Nasdaq Capital Market tomorrow under the ticker symbol “SKK”. The offering is expected to close on October 9, 2024, subject to customary closing conditions. Bancroft Capital, LLC is serving as the sole underwriter for the IPO.

SKK Holdings has over a decade of experience in public utility projects, contributing to the construction and maintenance of infrastructure that benefits society and the environment. The company’s services include power and telecommunication cable laying works, water pipeline construction, and sewer rehabilitation.

The IPO is conducted under the company’s registration statement on Form F-1, which was declared effective by the United States Securities and Exchange Commission (SEC) on September 18, 2024. The final prospectus for the IPO is available on the SEC’s website.

The press release issued by SKK Holdings contains forward-looking statements about the company’s expectations regarding the IPO. However, these statements are subject to various risks and uncertainties that could cause actual results to differ materially from those projected.

This news article is based on a press release statement and aims to provide an unbiased summary of the key facts related to SKK Holdings Limited’s IPO pricing and details.

InvestingPro Insights

As SKK Holdings Limited prepares for its Nasdaq debut, InvestingPro data offers valuable insights into the company’s financial performance. In the last twelve months as of Q4 2023, SKK reported revenue of $9.76 million, with a modest growth of 1.43% over the same period. The company’s gross profit stood at $3.45 million, translating to a healthy gross profit margin of 35.39%.

SKK’s operating income for the same period was $0.42 million, resulting in an operating income margin of 4.32%. This indicates that the company has been able to maintain profitability in its core operations, which is crucial for a civil engineering service provider entering the public market.

An InvestingPro Tip suggests that SKK’s earnings per share have shown improvement recently. This aligns with the company’s reported basic and diluted EPS of $0.01 for continuing operations in the last twelve months, potentially making it an attractive proposition for investors looking at its IPO.

Another InvestingPro Tip notes that SKK has a high return on invested capital, which is supported by the company’s return on assets of 1.43%. This could indicate efficient use of capital in its subsurface utility works and other civil engineering projects.

These insights provide a snapshot of SKK’s financial health as it embarks on its IPO journey. Investors interested in a deeper analysis can access additional tips and metrics through InvestingPro, which offers a total of 12 additional tips for SKK Holdings Limited.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

By Nora Buli and Jacob Gronholt-Pedersen

OSLO/COPENHAGEN (Reuters) -Norway’s Equinor has bought a 9.8% stake valued at around $2.5 billion in Danish offshore wind farm developer Orsted (CSE:), it said on Monday, as it seeks to build up its renewables portfolio.

Orsted shares have dropped 69% from their 2021 all-time high as the offshore wind sector has faced surging costs and technical problems with turbines.

But Equinor said its share acquisition was a long-term bet on the sector, after the Norwegian company made slow progress on reaching its ambitious renewable energy targets.

The transaction would count towards Equinor’s renewable energy portfolio target, adding 1.7 gigawatt (GW) of net generation capacity out of the company’s goal of installing 12-16 GW by 2030, CEO Anders Opedal told Reuters.

At the end of 2023, the company had less than 1 GW of installed renewable capacity.

“We see this as a good counter cyclical move at this point in time to get into a very attractive portfolio,” Opedal said.

Orsted’s share price rose more than 8% on the news before paring gains to stand 5.8% higher at 1300 GMT. Equinor’s shares fell by 3.9%.

An Orsted spokesperson declined to comment.

Equinor said it did not plan to raise its stake beyond 10% and would not seek board representation.

The world’s biggest offshore wind developer was last year hit by costs and project delays as inflation raised the price of turbines and other equipment and services.

“The offshore wind industry is currently facing a set of challenges, but we remain confident in the long-term outlook for the sector, and the crucial role offshore wind will play in the energy transition,” he said.

Equinor’s ownership position was built over time, through a combination of market purchases and a block trade, the company said.

The investment makes Equinor the second largest shareholder in Orsted after the Danish government.

Battling to restore investor confidence, Orsted in February trimmed its investment and capacity targets and paused dividend payouts as part of a major review.

“Structurally, this doesn’t change anything for the direction Orsted is heading,” Sydbank analyst Jacob Pedersen said.

The company has broad political backing in Denmark with no signs that the state will relinquish its 51% stake, he said.

Denmark brought in Goldman Sachs as a strategic shareholder 10 years ago, when the company – formerly DONG Energy – was focused on oil and gas. The Wall Street bank doubled its 8 billion-crown investment just two years later, when Orsted listed in Copenhagen in 2016.

As traders approach another pivotal day for financial markets, a series of crucial economic data releases that could sway market dynamics are expected on Tuesday, October 8, 2024. The day’s schedule includes significant reports on trade balance, exports, and imports, which will provide insights into the United States’ economic performance and international trade position.

Major Economic Events to Watch

• 8:30 AM ET – Trade Balance (Aug): Expected -$70.60B, Previous -$78.80B. Measures the difference in value between imported and exported goods and services.

• 8:30 AM ET – Exports (Aug): Previous $266.60B. Provides the total US dollar amount of merchandise exports.

• 8:30 AM ET – Imports (Aug): Previous $345.40B. Measures the value of goods and services brought into the US from other countries.

• 10:30 AM ET – Atlanta Fed GDPNow: Forecast 2.5%, Previous 2.5%. Provides a running estimate of real GDP growth based on available economic data.

• 12:00 PM ET – EIA Short-Term Energy Outlook: Offers forecasts for consumption, supply, trade, and prices across major fuel types.

• 12:45 PM ET – FOMC Member Bostic Speaks: Atlanta Fed President’s remarks may offer insights into future monetary policy.

• 1:00 PM ET – 3-Year Note Auction: Previous 3.440%. Indicates the yield on Treasury Notes auctioned, reflecting government debt situation.

• 4:30 PM ET – API Weekly Crude Stock: Previous -1.458M. Reports inventory levels of US , gasoline, and distillates stocks.

Other Economic Events to Watch

• 3:00 AM ET – FOMC Member Kugler Speaks: Federal Reserve Governor’s remarks may influence market expectations.

• 6:00 AM ET – NFIB Small Business Optimism (Sep): Forecast 92.0, Previous 91.2. Indicates the health of small businesses in the U.S.

• 8:55 AM ET – Redbook (YoY) (Oct 6): Previous 5.3%. Measures year-over-year same-store sales growth in large US general merchandise retailers.

• 10:10 AM ET – IBD/TIPP Economic Optimism (Oct): Forecast 47.2, Previous 46.1. Rates the relative level of economic conditions.

• 4:00 PM ET – Fed Collins Speaks: Boston Fed President’s comments may offer insights into monetary policy stance.

• 7:30 PM ET – Fed Governor Jefferson Speaks: Remarks may provide clues about future Fed decisions.

For further information and the latest updates, please refer to our Economic Calendar, here.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.