Singapore-based Primech Holdings Ltd said it set the initial public offering of 3 million shares at $4 per share, on Monday, which are approved for listing on the US-based Nasdaq Capital Market under the ticker symbol ‘PMEC’.
The company initially registered to go public by filing Form F-1 with U.S. Securities and Exchange Commission (SEC), effective on September 29. Financial service firm Spartan Capital will be the offering manager said he firm. The offering is expected to start trading from October 10 and close on October 12.
Additionally, Primech said it allows underwriters a 45-day option to purchase up to an additional 457,500 shares at the public offering price, apart from underwriting discounts. The management services provider said it expects around $12.2 million from the offering before deducting the discount and other related expenses.
The company said it is focused on expanding the range of services, operations, research technology, additionally upgrading vehicles and machines including electric vehicle (EV) charging compatibility, potential minority investments in the EV conversion business and working capital and general corporate purposes.
Primech is exploring into to Electric Vehicle (EV) in order to support Singapore’s plan to completely withdraw internal combustion engine (ICE) vehicles by the end of 2024. The ACRA-registered firm is a well-established technology-driven service provider in office cleaning, home cleaning, cleaning supplier to both public and private sectors in Singapore, having around three hundred clients.
