Skylink Holdings, a commercial vehicle specialist, wrapped up its inaugural trading session on the Singapore Exchange (SGX) Catalist at 24.5 cents, representing a 22.5% gain from its initial offering price of 20 cents.

The stock touched an intraday peak of 27.5 cents during the session, marking a 37.5% surge above its placement price in connection with the reverse takeover (RTO) of Skylink APAC.

According to Skylink, the public listing represents a significant milestone for the firm, which currently operates one of Singapore's largest commercial vehicle leasing fleets. The company maintains a $66 million loan portfolio for its credit financing operations and runs seven proprietary engineering workshops within its business framework.

Through the RTO process, the company secured total proceeds of $9.2 million, comprising $4.2 million from the placement of 21,000,000 shares priced at 20 cents each (which includes vendor shares valued at $1.2 million) and an additional $5.0 million through convertible bond issuance.

The company indicates that the gross proceeds will primarily fund the expansion of Skylink Holdings' higher-margin lending portfolio, commercial fleet operations, engineering capabilities, and strategic merger and acquisition initiatives following the RTO.

Following the completion of the RTO and share placement, Skylink's issued and paid-up share capital expanded from 34,019,960 to 176,353,289 shares.

"This public listing represents a significant achievement for Skylink Holdings. Our newly acquired listed status positions us favorably to enhance our financing capabilities, expand our commercial vehicle operations, and bolster our engineering service offerings," stated Wesley Shen, executive director and CEO of Skylink.

Skylink shares concluded trading at 24.5 cents on September 17.