Primech Holdings, which provides cleaning and maintenance services to facilities in Singapore and Malaysia, raised $12 million by offering 3.1 million shares at $4, the low end of the range of $4 to $5. The company had originally planned to offer 5.0 million shares, before it lowered the share offering and switched lead underwriters in mid-August.
At pricing, Primech Holdings commanded a market value of $142 million.
The company is a facilities services provider in the public and private sectors operating mainly in Singapore, with a small portion of operations in Malaysia. Primech primarily provides facilities services (81% of FY23 revenue), stewarding services (11%), and cleaning services to offices (7%).
Primech Holdings listed on the Nasdaq on Tuesday under the symbol PMEC. Spartan Capital Securities acted as sole bookrunner on the deal.
The company's stock opened on Tuesday at $4.00 before breaking issue, closing at $1.48 for a first-day return of -63%.
