IPOS - Rectitude Holdings Ltd Announces Pricing of Initial Public Offering | Benzinga
SINGAPORE, June 21, 2024 (GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the "Company" or "Rectitude"), a Singapore-based provider of safety equipment and related industrial products, today announced the pricing of its initial public offering (the "Offering") of 2,000,000 ordinary shares at a public offering price of $4.00 per ordinary share, for total gross proceeds of $8,000,000, before deducting underwriting discounts, commissions, and other related expenses. The ordinary shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on June 21, 2024, under the ticker symbol "RECT."
The Company has granted A.G.P./Alliance Global Partners ("A.G.P." or "Representative"), the underwriter, a 45-day option to purchase up to an additional 300,000 ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any. In addition, the Company issued the Representative warrants to purchase up to 100,000 ordinary shares.
The Offering is being conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes. The offering is expected to close on or about June 24, 2024, subject to the satisfaction of customary closing conditions.
A.G.P./Alliance Global Partners is acting as the sole book-running manager for the ...