Alpina Holdings Limited ("Alpina" or the "Company") is offering 37 Placement Shares, comprising 32m New Shares and 5m Vendor Shares at $0.31 each. There is no public offering and the placement will close on 26 Jan 2022 at 12 noon. The market cap based on the placement price and post IPO shares is $57.1m (This post is for records only. Given the lack of public offering, I will not be covering this IPO in details) Principal Business The Company is an established Singapore-based contractor specialising in providing integrated building services ("IBS"), mechanical and electrical ("M&E") engineering services and alteration and addition ("A&A") works to public and private sector projects, with an operating history of over 17 years. Financial Highlights According to the prospectus (page 35), the PER based on FY2020 and assuming the service agreement is in place is around 14.1x....