Singapore-based crane rental specialist Sin Heng Heavy Machinery hopes to raise net proceeds of S$21.6 million (about U.S. $15.3 million) in an initial public offering in Singapore. It hopes to list on Singapore Exchange’s mainboard and is offering 168 million new shares at 26 cents each, according to wire service reports.

Sin Heng is a leading crane rental player with a strong focus on the mid- to high-lifting-capacity segment. The group’s fleet of cranes is generally used in large projects.

The company plans to use the majority of the net proceeds to expand equipment rental fleets in Singapore, Malaysia and Vietnam.