Magnitude International Prices IPO Of 2.2M Ordinary Shares At $4/Shr For Total Gross Proceeds Of ~$8.8M
Benzinga Newsdesk 1 year ago
NewsIPOs
Singapore, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Magnitude International Ltd (the "Company" or "Magnitude") (NASDAQ:MAGH), an electrical installation service provider based in Singapore, today announced the pricing of its
Singapore, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Magnitude International Ltd (the "Company" or "Magnitude") (NASDAQ:MAGH), an electrical installation service provider based in Singapore, today announced the pricing of its initial public offering (the "Offering") of an aggregate of 2,200,000 ordinary shares at a public offering price of $4.00 per share, for total gross proceeds of $8.8 million, before deducting underwriting discounts and offering expenses. The Company is offering 1,650,000 ordinary shares and an existing shareholder is offering 550,000 ordinary shares. The Company will not receive any proceeds from the sale of ordinary shares by the selling shareholder.
The Company's ordinary shares are expected to being trading on the Nasdaq Capital Market, or Nasdaq, on August 12, 2025, under the symbol "MAGH." The Offering is expected to close on or about August 13, 2025, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds from the Offering for: (i) expansion and growth through strategic acquisitions, joint ventures and/or strategic alliances; (ii) the purchase of materials; (iii) expansion of our workforce; (iv) moving to a bigger head office to provide more office area and additional storage facilities; (v) rental of a bigger dormitory for our foreign workers; (vi) digitalizing our systems, upgrading existing equipment, and investing in software solutions like enterprise resource planning (ERP) systems, and human resource (HR) systems; and (vii) working capital and general corporate purposes.
Bancroft Capital, LLC is acting as sole underwriter for the Offering. Concord & Sage PC is acting as U.S. legal counsel to the Company, and Taft Stettinius & Hollister LLP is acting as U.S. legal counsel to Bancroft Capital, LLC.
The Offering is being conducted pursuant to the Company's registration statement on Form F-1, as amended (File No. 333-287609), which was filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective by the SEC on July 30, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Electronic copies of the final prospectus relating to the Offering, when available, may be obtained by visiting the SEC's website located at http://www.sec.gov or by contacting Bancroft Capital, LLC, 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, Attention: Jason Diamond or email: investmentbanking@bancroft4vets.com or by telephone at +1 (484) 546-8000.
This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any of the Company's securities, nor shall there be any offer, solicitation or sale of such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.ip