Singaporean lubricant manufacturer United Global launched its initial public offering on the secondary board, called the Catalist board, of the Singapore Exchange (SGX) this week.

United Global offered 42.8 million new shares at SGD 0.25 (USD 0.19) per share. The offering represented 15.13% of the firm’s enlarged share capital of 282.8 million shares before the IPO.

The net proceeds from the IPO, amounting to about USD 9.2 million (USD 6.81 million), will be used for business expansion and general working capital, Executive Director and CEO Jacky Tan said.