The IPO for Acromec, which designs and builds medical and sterile cleanrooms, and which starts to trade on Singapore’s Catalist on Monday, was 5.3 times oversubscribed.

The company has raised S$5.9 million (US$4.4 million) via the sale of 27 million new shares at S$0.22 per share: 1.5 million on offer to the public, 3 million shares reserved for directors, employees and customers, with the remaining 22.5 million portion, placement shares.

The biggest single investment has come from serial investor and managing director of Asdew Acquisition, Wang Yu Huei, who has taken 5.7 million shares or 4.7% of the shares on offer.

Acromec received 142.6 million valid applications. The company’s post-invitation market capitalisation will be approximately S$26.5 million.

 “With our new listing status, we are well-positioned to further strengthen and grow our business in Singapore and the region. We embrace the challenge of elevating Acromec to its next level of growth and look forward to enhancing value for all our shareholders,” said chairman Lim Say Chin.

Founded in 1996 by Lim Say Chin, Chew Chee Keong and Goi Chew Leng, the company is a specialist in controlled environments. It designs and constructs facilities requiring controlled environments such as laboratories, medical and sterile facilities and cleanrooms and mainly serves the healthcare, biomedical, research and academia, and electronics sectors. Clients include the National University Hospital, Singapore General Hospital, Tan Tock Seng Hospital, Changi General Hospital, Virtus Fertility Centre and Aptus Surgery Centre.

At the beginning of March, the company had an order book with S$40 million work, the majority of which will be completed in 2016.

Proceeds will be used as working capital to expand the business operations and for m&a.