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Facilities services provider Primech Holdings cuts share offering by 39%, changes lead bank ahead of $14 million US IPO

August 18, 2023

Primech Holdings, which provides cleaning and maintenance services to facilities in Singapore and Malaysia, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also removed lead bookrunner Pacific Century Securities and disclosed financials for the fiscal year ended March 31, 2023.

The Singapore-based company now plans to raise $14 million by offering 3 million shares at a price range of $4 to $5. The company had previously filed to offer 5 million shares at the same range. At the midpoint, Primech Holdings will raise 39% less in proceeds than previously anticipated.

The company states that it is a technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, with a small portion of operations in Malaysia. Primech provides facilities services, stewarding services, cleaning services to offices, cleaning services to homes, and cleaning supplies.

Primech Holdings was founded in 1984 and booked $69 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol PMEC. Spartan Capital Securities is the sole bookrunner on the deal.