Valuemax, CLINT & Marco Polo Marine drive SGX capital raising wave amid strong sector rotation

Ahead of the final session of February, SGX-listed stocks have been averaging S$1.7 billion in average daily turnover over the first two months of 2026.

Institutions have been net buyers across the Industrials, Real Estate (excluding REITs), Telecommunications, Consumer Cyclicals, Technology (hardware and software), Consumer Non‑Cyclicals, and Materials & Resources sectors. Meanwhile retail has been net buying the Financial Services, REITs, Utilities, Healthcare and Energy/Oil & Gas sectors.

Across recent SGX corporate actions and results last week, $ValueMax(T6I.SI)$ has broadened its institutional investor base via a 34.8 million share block trade, $CapLand India T(CY6U.SI)$ has executed a S$150 million placement (2.6x covered) to fund Bangalore developments, and $MarcoPolo Marine(5LY.SI)$ has received SGX approval for an equity placement and operational momentum to support growth.

$IX Biopharma(42C.SI)$ also completed a placement on Feb 24, issuing 75.8 million new shares to raise gross proceeds of S$15 million. The placement was undertaken to strengthen liquidity and fund upfront working capital requirements for a newly secured US Government contract, bridging the timing gap between project expenditures and reimbursement receipts to reduce execution risk. The placement was conducted via an exempt offering to institutional and accredited investors, with no participation from directors or substantial shareholders.

Last week’s beachheads also illustrate how issuers are pairing shareholder‑base initiatives with balance‑sheet funding and earnings delivery.

1.Valuemax Controlling Shareholder Block Trade to Broaden Institutional Ownership

$ValueMax(T6I.SI)$

Valuemax Group’s Executive Chairman and his spouse sold 34.8 million existing shares via a block trade at S$1.16 per share, representing a 6.5% discount to the previous closing price. This reduces their total intertest to 81.53%.

The sale attracted strong participation from long‑only institutional investors and was handled by Oversea-Chinese Banking Corporation as placement agent. Following the transaction, the vendors still control about 81.5% of the company and have committed to a 90‑day moratorium on further share sales, signalling continued commitment. The block trade was undertaken to diversify and institutionalise the shareholder base, improve free float and trading liquidity, and support potential index inclusion, with no dilution since no new shares were issued. Long‑only institutional investors that participated in the block trade included abrdn Asia Limited, Amova Asset Management Asia Limited, Avanda Investment Management Pte. Ltd., and ICH Synergrowth Fund.

2.CLINT’s Underwritten Placement; Proceeds to Support Bangalore Projects

$CapLand India T(CY6U.SI)$

On Feb 24, CLINT announced a fully underwritten private placement, that subsequently raised about S$150 million through a private placement of 124.2 million new units at S$1.208 each, which was around 2.6 times covered, reflecting strong institutional demand. The issue price represented a modest discount to market VWAP, balancing investor appeal with capital discipline.

On an illustrative historical pro forma basis, the trustee-manager expects the placement to be DPU-accretive by 5.1% and to reduce gearing to 36.8% after deployment of proceeds, while also potentially improving trading liquidity through a larger unitholder base.

3.Marco Polo Marine Bolsters Balance Sheet

$MarcoPolo Marine(5LY.SI)$

On Feb 24, Marco Polo Marine announced a proposed placement of up to 144.9 million new shares at S$0.145 apiece, raising up to about S$21 million in gross proceeds. With Maybank Securities as placement agent, the new shares represent about 3.9% of existing issued share capital. Net proceeds are intended to be used entirely for capex tied to business expansion, including but not limited to fleet expansion and renewal, and the placement also aims to broaden the shareholder base to potentially improve liquidity; it is offered to institutional and accredited investors and excludes directors and substantial shareholders.

Marco Polo Marine highlight that the placement has a positive impact on Net Tangible Assets (NTA) per share, as the new equity is being raised at a premium to existing net assets. With the S$0.145 placement price sitting well above the 6.36 cents NTA per share, the issuance lifts NTA per share to 6.64 cents on a pro forma basis. As a result, the equity injection more than offsets dilution, lifting net tangible assets per share even as earnings are diluted, and strengthening the balance sheet ahead of planned fleet expansion.

Note that as of Sep 30, the group was already in a net cash position of S$9.3 million, providing balance‑sheet flexibility even before the placement.

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