HRnetGroup IPO

HRnetGroup IPO

HRnetGroup IPO

HRnetGroup is the largest Asia-based recruitment agency in Asia Pacific (excluding Japan), as compared to other key players within the professional recruitment and flexible staffing industry with presence in Asia Pacific, according to Frost & Sullivan. As at 31 December 2016, the company operates in 10 Asian growth cities, namely, Singapore (where our headquarters are located), Kuala Lumpur, Bangkok, Hong Kong, Taipei, Guangzhou, Shanghai, Beijing, Tokyo and Seoul.

As at the Latest Practicable Date, it operates and manages its business primarily as two operating segments, namely flexible staffing and professional recruitment. Both segments serve close to 30 diversified sectors, covering a wide spectrum of industries, including financial institutions, retail and consumer, information technology and telecommunications, manufacturing, healthcare life science, insurance and logistics, and functions such as human resources, finance and accounting, and legal and compliance. The company also offers other services, such as payroll processing, HR consulting and corporate training.

As at 31 December 2016, it counted over 2,000 clients, including 104 Fortune 500 clients, as part of its client base. Major clients include Samsung Asia, Master Kong, Bundwealth, Seibu Holdings, Olympus, Fubon Bank, Gardens by the Bay and Acer.

HRnetGroup IPO details

Subscription Dates 8 - 14 June 2017
Price Band SGD0.90 per share
Placement Size 85,682,000 shares (SGD77.11 million)
Public Offer 3,800,000 shares (SGD3.42 million)
Total IPO size 89,482,000 shares (SGD80.53 million)
Listing On SGX mainboard


HRnetGroup's financial performance (in SGD mil.)

2014 2015 2016
Total revenue 324.4 356.0 365.0
Gross profit 128.6 131.2 132.8
Profit after tax 33.3 38.2 41.1

Source: HRnetGroup's Prospectus

Major shareholders in HRnetGroup

Beneficial owner Number of shares % of shares before the IPO
SIMCO Ltd 750,000,000 97.69
Vanda 1 17,734,671 2.31

Source: HRnetGroup's Prospectus

HRnetGroup Ltd
391A Orchard Road #23-06 Ngee Ann City Tower A,
Singapore 238 873

Phone: +65 6738 6188

Earnings Per Share (EPS): SGD5.35

Price/Earnings (P/E) ratio: 16.8

Book Value: SGD0.109 per share

IPO Dates: 8 - 14 June 2017

Listing Date: 16 June 2017

Listing Price on SGX: SGD0.925 per share (premium of 2.8% on IPO price)

Closing Price on SGX: SGD0.90 per share (no change from IPO price)

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