Dezign Format Group Limited (IPO Symbol: DEZIGN.SI)
IPO Evaluation Summary

Purpose of IPO
Dezign Format Group Limited is raising gross proceeds of approximately S$9.6 million. The key use of proceeds includes:

• Expansion of production capacity: S$2.6 million (27.1%)

• Investment in digital assets and technology: S$1.9 million (19.8%)

• Geographical expansion into new markets: S$2.2 million (22.9%)

• Repayment of bank borrowings: S$1.0 million (10.4%)

• Working capital: S$1.1 million (11.5%)
  This indicates a growth-driven IPO focused on scalability and digital transformation .

Dividend Policy
The Group currently does not have a fixed dividend policy but intends to recommend and distribute dividends of at least 20% of net profits attributable to shareholders for FY2024 and FY2025 .

IPO Placement and Share Information
The public offering consists of:

• 2.0 million offer shares

• 18.0 million placement shares

• Total IPO: 20.0 million shares at S$0.48 each.
  Post-IPO, total issued and paid-up share capital will be 160.0 million shares.
  Based on a modest offer size and strong growth story, first-day listing performance is likely to be positive, especially with limited retail float .

Institutional and Anchor Investors
No anchor investors were disclosed. However, the offer was supported by placement to select institutional and private investors.
There is no indication that pre-IPO investors sold shares before listing, suggesting strong investor confidence.

Investment Banker and Sponsor

• SAC Capital Private Limited is both the Sponsor, Issue Manager and Placement Agent.
  SAC Capital has a track record of successful Catalist IPOs, which supports the likelihood of a stable debut.

Business Model and Industry
Dezign is a spatial design and build service provider, focused on:

• Commercial and retail spaces

• Events and exhibitions

• Experience centres
  The company leverages technology (e.g. 3D visuals, digital twins) and operates in Singapore, Malaysia, and has ambitions to expand further.
  The global experiential marketing industry was valued at over US$80 billion in 2022, with rising demand for immersive environments .

Financial Health
FY2022:

• Revenue: S$25.0 million

• Net profit: S$2.8 million

• Net profit margin: ~11.2%

• Net cash position as of 31 Oct 2023: S$3.3 million
  These figures point to solid profitability and low leverage, a favorable sign for potential investors .

Market Position
Dezign is a known player in Singapore’s design-and-build ecosystem, with long-term clients such as Lendlease, Singtel and Gardens by the Bay.
Their portfolio spans more than 2,000 completed projects, signifying strong brand recognition and client retention.

Management Team

• William Goh Chee Siong (Executive Director and CEO)

• Goh Chee Guan (Executive Director and COO)

• Tan Lay Cheng (Independent Director)

• Lim Yean Leng (Independent Director)
  The founding team has over 20 years of industry experience, which reinforces investor confidence .

Sector and Economic Trends

• The experiential marketing and commercial design sectors are expanding globally with the return of physical events and hybrid retail.

• Rising consumer demand for immersive brand experiences bodes well for Dezign’s solutions.

• Economic recovery post-pandemic and easing interest rates positively influence investor sentiment.

Timing of IPO
The IPO comes amid revival in Singapore’s Catalist listings, with increasing investor appetite for small-cap growth companies. This strategic timing enhances listing success prospects.

Risk Factors
Key risks disclosed:

• Customer concentration: top five customers contributed more than 50% of revenue

• Project-based revenue model, sensitive to economic cycles

• Workforce dependency, especially skilled fabricators
  While these are material risks, diversification and expansion plans aim to mitigate them .

Growth Strategy

• Expansion into Indonesia, Vietnam and Australia

• Build digital and virtual capabilities in design

• Establishing production hubs in Malaysia and Singapore
  These strategies are supported by quantified allocations from IPO proceeds, showing feasibility and focus .

Ownership and Lock-in
Post-IPO:

• Promoter William Goh Chee Siong retains 63.75%

• Promoter lock-up: 6 months moratorium, followed by 6-month 50% lock-up
  This high promoter holding signals strong commitment and alignment with public shareholders .

Peer Comparison

Same Period IPOs

• MoovPay Tech Asia Ltd

• IAG Holdings Ltd
  While fewer IPOs were listed concurrently, Dezign’s sector uniqueness and profitability position it favorably for debut success.

Sector 10-Day Performance

• Kingsmen Creatives (5MZ.SI): +4.2%

• Memiontec Holdings (TWL.SI): +3.7%

• Camsing Healthcare (BAC.SI): +1.9%
  Positive sector sentiment adds to Dezign’s upside potential on debut.

Analyst Opinions
No coverage from major brokerage houses or analyst ratings as of now due to Catalist listing norms. However, internal assessments by SAC Capital suggest long-term growth potential.

IPO Allotment Result
The IPO was oversubscribed 5.6 times for public tranche, and fully subscribed in placement tranche, indicating strong demand and investor confidence .

IPO Outlook and Price Estimate
Given strong fundamentals, modest float, favorable sector tailwinds, and oversubscription, DEZIGN.SI is likely to trade between S$0.51–S$0.56, reflecting a 6%–17% upside from its IPO price of S$0.48.

IPO Application Process
Investors may apply via:

• DBS Bank, OCBC Bank, and UOB Bank ATMs

• Online banking platforms (DBS/POSB, OCBC, UOB)

• Brokerages such as Phillip Securities, UOB Kay Hian, CGS-CIMB
  Application period:

• Opens: 29 July 2025

• Closes: 5 August 2025, 12:00 p.m.

Share allotment results and listing date are expected to follow within a week after the close of application.

Thank you