Eindec Corporation Limited ("Eindec" or the "Company") is offering 35.8m Placement Shares at $0.21 each for a listing on Catalist. The offer will end on 13 Jan 2016 at 12pm and there is no public tranche and i will not spend too much time researching into this Company. The market cap is S$22.6m based on the IPO price.

The Company is a regional clean air environmental and technological solutions group with diversified product lines across different market segments. The Company has an operating history since 1984 with 2 manufacturing facilities in Singapore and Malaysia.

The diversified product range is listed below

While the prospectus looks promising, the financial statements somewhat painted a different picture. The sales stagnated over the last 3 years with declining profitability. Even the 1H results continued to show declining net profit. Without considering other factors and based purely ...