SINGAPORE (Nov 4): Taxi operator Trans-cab Holdings is seeking a listing on the Mainboard.

The company, which has almost 4,700 cabs in Singapore, has lodged a preliminary prospectus with the central bank to sell 168 million shares, it said in a statement today.

Eastspring Investments (Singapore), FIL Investment Management (Hong Kong), Havenport Asset Management, JF Asset Management, Lion Global Investors and Maxi-Harvest Group will be cornerstone investors, taking a total of 65 million shares, representing 38.7% of the offering.

Set up in 2003, Trans-cab started with an initial fleet of 50 taxis in January 2004 and had 4,686 taxis as of June 30 this year.

Earnings grew from $24.3 million in 2011 to $36.3 million last year.

About half of Trans-cab’s drivers, including relief drivers, have been with the company for at least three years.

The group intends to use the IPO proceeds to expand its taxi operations organically or through acquisitions, diversify into other transport businesses, including bus operations, and build a new headquarters complex at Ang Mo Kio, it said.

It has proposed to pay at least 15% of its 2014 earnings as dividends. This will increase to no less than 60% next year.

DBS Bank is the sole issue manager, book runner and underwriter for the IPO.