SANLI Environment has launched an IPO here in Singapore, seeking to raise $9.7 mullion in net proceeds. SANLI has applied for the listing on the Catalist board of SGX. 52 million new SANLI shares will be offered at $0.225 per share, this consist of 49.5 million placement shares and a public tranche of 2.5 million shares. Business-wise, Sanli Environmental is an engineering firm in the water and waste management sector and derives 99% of its revenue from PUB, Singapore’s national water agency. Considering the importance of water and waste management here in Singapore and how these are basic utilities, I quite like the business of Sanli though I am slightly worried that since 99% of revenue of Sanli depends on the business from PUB: what if Sanli does not always win PUB contract? One noteworthy thing to note: Temasek Holdings unit Heliconia Capital will hold a ......