Deluge, a Singapore-based fire protection company, has filed for an initial public offering (IPO) on the mainboard of the Singapore Exchange (SGX), aiming to raise approximately S$23.4 million to fund new infrastructure and expansion activities. The company submitted its IPO prospectus on October 6, offering 15.6 million shares at 60 cents each, comprising 14.8 million placement shares and 800,000 available to the public. A separate cornerstone tranche will complete the fundraising effort. Shares are expected to begin trading on October 16.
Founded in 1983, Deluge specialises in fire suppression systems, fire alarms, and firefighting equipment, providing comprehensive fire protection services ranging from design and installation to maintenance and servicing. Their portfolio includes both active systems, such as water-based sprinkler systems and fire alarms, and passive systems, including fire-resistant structural components. Approximately 92% of the company’s business is concentrated in Singapore.
Recently, the firm has started to branch into the data centre market in Johor, Malaysia, with clients including Singapore-based data centre operator DayOne and construction firms Sunway and Gamuda. As of March 31, Deluge reported an order book of S$410 million, with 87% of contracts sourced from government projects. This strong government engagement has contributed to the company securing an estimated 8.3% share of Singapore’s fire-protection market in 2025, positioning it as the largest player in a highly fragmented industry of 775 contractors, according to market research firm Frost & Sullivan.
Deluge is one of only eight contractors in Singapore to hold the highest L6 grade certification issued by the Building and Construction Authority (BCA), enabling it to bid for projects without contract value limits. Chief Investment Officer John Paul Chen described the fire protection sector as "very disorganised, with low accountability," citing the risks posed by properties contracting multiple fire protection vendors over time without cohesive oversight.
The company has executed projects exceeding S$1 billion across critical infrastructure in Singapore, including major works on the $109 million North-South Corridor and a $73.5 million Land Transport Authority contract for the Cross Island MRT line. Other key contracts include the Changi East train depot and offshore facilities such as liquefied natural gas plants.
Chen noted that while the company’s revenue streams are diversified, its life cycle services segment—which involves ongoing maintenance and servicing—holds considerable growth potential due to long-term contracts and recurring revenue. Deluge has secured extended maintenance agreements, including a 20-year contract for the Cross Island Line, shielding it from immediate competitive pressures.
In the 2026 financial year ended March 31, Deluge recorded revenue of S$116.7 million, a net profit of S$11.8 million, and gross profit of S$38.8 million. Life cycle services contributed nearly half of gross profit despite accounting for just a third of revenue. Revenue decreased from a record S$140 million in 2025, which included one-off projects such as a nine-month fire-safety test for electric vehicles and upgrades at the United Microelectronics Corporation site.
Looking ahead, Deluge plans to deploy 90% of the IPO proceeds to fuel organic growth, allocating S$9 million toward strategic partnerships, acquisitions, joint ventures, and regional expansion, and another S$9 million for business expansion through tender participation. Approximately S$2.1 million will be directed toward enhancing infrastructure and operational capabilities. While the company currently does not have a fixed dividend policy, it intends to pay dividends of at least 25% of net profit after tax in the 2027 and 2028 financial years.
SAC Capital is managing the IPO and will serve as joint book runner and underwriter alongside Maybank Securities.