Singapore Exchange (SGX) announced that has welcomed HRnetGroup Limited to Mainboard under the stock code “CHZ”.
HRnetGroup Limited is a homegrown Singapore company that is today the largest Asia-based recruitment agency in Asia Pacific ex-Japan. It has an established track record of 24 years and operations across 10 Asian growth cities including Singapore, Hong Kong, Beijing, Tokyo and Seoul.
HRnetGroup Limited provides professional recruitment services primarily under its “HRnet One”, “PeopleSearch”, “PeopleFirst” and “SearchAsia” brands, and flexible staffing solutions primarily under its “RecruitExpress” and “RecruitFirst” brands. It has a client base of over 2,000 clients, including more than a hundred Fortune 500 companies.
Adeline Sim, Executive Director, HRnetGroup Limited, said:
We are very encouraged by the overwhelming response to our Offering from cornerstone investors, institutional investors and the investing public, as they clearly recognise our 24-year track record and the growth potential of the people business in Asia. This IPO will be an inflexion point for the Group, as up to 404 additional employees will become Co-owners whose interests would be to drive our growth to the next level and achieve profit leadership in every city we operate in. Coupled with the war chest from the IPO proceeds for business expansion and possible opportunistic acquisitions, we are very excited about the Group’s growth prospects.
Chew Sutat, Head of Equities and Fixed Income, SGX, added:
The listing of HRnetGroup Limited marks a milestone for the company as well as SGX, as it is the first recruitment agency to list on our Mainboard. The established track record and growth prospects of HRnetGroup Limited has attracted several prominent cornerstone investors to its listing. As its chosen listing platform, we look forward to supporting the company as it deepens and expands its market presence in Asia, with a focus in North Asia.
With a market capitalisation of more than $900 million, the listing of HRnetGroup Limited brings the total number of SGX-listed companies to 753, with combined market capitalisation of more than $1 trillion.
HRnetGroup Limited opened at $0.95 today.