Noontalk Media, organisers of Chingay 2022, has debuted with an IPO at a valuation of S$43.6M

Home-grown media entertainment company Noontalk Media’s IPO order book has been covered for both public and placement tranches, raising gross proceeds of S$4.8 million. The company’s shares will start trading today.

Of Noontalk Media’s available 4.5 million public tranche shares, there were valid applications for 5.3 million shares, making it 1.2 times subscribed.

In addition, the 17.5 million placement shares available were also fully spoken for.

The shares were priced at 22 cents each, giving the company a market value of S$43.6 million.

Sheng Siong Group’s MD is one of Noontalk Media’s anchor investors

The managing director of Sheng Siong Group, Lim Hock Leng, was one of its anchor investors. Hock Leng took up 4.4 million shares.

Meanwhile, Union Energy Corp took up 2 million shares, while Singapore based family office Qilin Wealth Fund and former member of parliament and executive director of CITIC Envirotech Chong Weng Chiew took up 1.35 million shares each.

Dasmond Koh, NoonTalk Media’s executive director and CEO told Vulcan Post that “NoonTalk Media couldn’t have come this far without the support of everyone”.

“By getting listed, I am able to give back to the local entertainment industry by expanding our footprint globally,” he added.

“This IPO is not an end game for the company, but the start of realising our goal – to help develop our market to a more robust and dynamic one, where Singaporeans can own a piece of their culture.”

Noontalk Media’s revenue streams

Between 2020 and 2022, NoonTalk Media reported revenues of  S$3.04 million, S$3.83 million and S$6.37 million respectively.

The company has two main revenue streams, its management and events arm, and its production arm.

Its production arm comprises services relating to multimedia creation and production, film and television production and video production, while its management and events arm comprises management of artistes and talent, management of studio venue and equipment, management of projects (including livestreaming services) and events conceptualisation.

Some of the company’s marquee projects in recent years include Chingay 2022, a nationwide, annual iconic event that showcases Singapore’s rich and unique multi-ethnic and cosmopolitan cultures, and ChildAid 2021, an annual charity concert in aid of The Straits Times School Pocket Money Fund and The Business Times Budding Artists Fund. The company also produces films and television programmes.

However, its earnings in the same period were $73,939, $189,244 and $22,407 respectively.

The company’s loans and borrowings

As at 30 June 2022, the aggregate outstanding amount of Noontalk Media’s outstanding borrowings
stood at S$4.15 million. At the same time, its banking and credit facilities (utilised and unutilised) amounts to an aggregate of approximately S$1.38 million.

Noontalk Media took up unsecured loans amounting up to S$4.05 million, which include a loan from Validus Capital Pte. Ltd with an effective interest rate of 9.8 per cent, and RHB Bank Berhad with an interest rate of 10 per cent per annum, among other loans.

Vulcan Post has reached out to Dasmond for additional comments.

Featured Image Credit: Noontalk Media