IPO for Singapore sales and rental business

Singapore-based Ten-League International, which sells and rents large equipment to contractors and ports, is to raise around US$6.4 million through an initial public offering (IPO) on the Nasdaq exchange.

After the IPO the company will retain an approximate 80% stake in the business, with CEO and chairman Jison Lim retaining control of the business.

Ten-League, which is sole Sany distributor in Singapore, reported revenues of US$43 million in 2024, of which more than 90% is generated in Singapore. The company also works in Hong Kong and Indonesia. Heavy equipment rentals represent less than 20% of its business.

Founded in 1998 and a Sany distributor since 2007, Ten-League rents and sells foundation equipment, cranes, excavators and port machinery.

A Sany SY245H excavator in Ten-League’s fleet.

Ten-League said it expected to receive US$3.9 million of net proceeds from the IPO, with the capital used to expand its fleet, improve its digital and automation technology, repay loans and fund acquisitions.

The company said in its IPO prospectus that it was seeking to integrate electric equipment into its business.

It has been supplying electric reach stackers and container handlers to port operators in Singapore since 2021, and is “actively exploring the market for fully electric wheel loaders, excavators and forklifts, and offering them as a part of our fleet of electrified equipment.”