PRIMECH HOLDINGS LTD. Announces Pricing of US12.2 Million Initial Public Offering
Primech Holdings Ltd., a leading technology-driven facilities services provider in Singapore, has announced the pricing of its initial public offering (IPO) on the Nasdaq Capital Market. The company will offer 3,050,000 ordinary shares at a public offering price of US$4.00 per share, with trading expected to commence on October 10, 2023, under the ticker symbol “PMEC”.
The IPO is expected to generate aggregate gross proceeds of US$12.2 million for Primech Holdings, before deducting underwriting discounts and other expenses. Additionally, the company has granted the underwriters a 45-day option to purchase up to an additional 457,500 ordinary shares at the public offering price, further increasing the potential funds raised.
The funds raised through the IPO will be utilized for various purposes, including expanding the company’s range of services and operations, conducting research and development activities, implementing intellectual property strategies, and enhancing marketing and promotional efforts. Primech Holdings also plans to upgrade its vehicles and machines to support electric vehicle (EV) charging compatibility. Furthermore, the company is considering potential minority investments in the EV conversion business.
Spartan Capital Securities, LLC has been appointed as the sole book running manager for the IPO, while Loeb & Loeb LLP and ArentFox Schiff LLP are serving as U.S. counsel to Primech Holdings and Spartan Capital Securities, LLC, respectively.
Primech Holdings, headquartered in Singapore, has established itself as a prominent player in the facilities services market, catering to both public and private sectors. The company offers a wide range of services, including facilities services, stewarding services, office cleaning, home cleaning, and cleaning supplies. With its strong foothold in Singapore, Primech Holdings is well-positioned to capitalize on the growing demand for efficient and technology-driven facilities management solutions.
The successful completion of the IPO will not only provide Primech Holdings with the necessary capital to expand its operations but also enable the company to further enhance its technological capabilities and develop innovative products. By investing in research and development, Primech Holdings aims to stay at the forefront of the industry and continue delivering high-quality services to its clients.
Investors interested in participating in the IPO are encouraged to review the prospectus and other relevant documents filed by the company with the U.S. Securities and Exchange Commission (SEC). The prospectus, when available, can be obtained from Spartan Capital Securities, LLC or accessed through the SEC’s website.
Primech Holdings is confident in its future prospects and remains committed to delivering value to its shareholders. While forward-looking statements are subject to inherent risks and uncertainties, the company believes that its strong market position, coupled with its strategic initiatives, will contribute to its long-term success.
For further information or inquiries, please contact Primech Holdings Ltd. Investor Relations via email at email@example.com.