New Kid on the (IPO) Block

Several IPOs are lined up in the coming months, sparking a level of excitement not seen in over a decade. Recent offerings have been oversubscribed multiple times, reflecting strong investor appetite.

One standout is Lum Chang Creations, a specialist in building conservation. Its portfolio includes notable projects such as the Temasek Shophouse — Temasek’s social impact hub housed in a century-old building — and the St James Power Station, restored for Dyson. The company is currently undertaking conservation works at the National Museum.

Lum Chang Creations boasts a healthy order book of S$120 million, with most projects slated for completion by 2026. Margins in this niche conservation sector are significantly higher than in traditional construction.

While the business fundamentals are impressive, it’s the heart of the leadership that stands out most. Despite the tight allocation, Managing Director TH Lim has reserved company shares for the foreign workers on his team, giving them a shot at ownership.