Trident Digital Tech Holdings, which provides business consulting and IT customization services in Singapore, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Singapore-based company now plans to raise $11 million by offering 1.8 million ADSs at a price range of $5 to $7. The company had previously filed to offer 1.9 million ADSs at a range of $8 to $10. At the midpoint of the revised range, Trident Digital Tech Holdings will raise 36% less in proceeds than previously anticipated. The IPO float is just 2.8% of basic shares outstanding.
Trident Digital Tech states that it is a digital transformation enabler in the small and medium enterprise segment of the e-commerce enablement and digital optimizing services market in Singapore. The company derives revenues principally from providing business consulting services and IT customization services. Through its business consulting segment, Trident provides a variety of services including business strategy advisory, design of business workflows and processes, brand and reputation, and digital marketing. Through its IT customization segment, the company offers tailor-made IT solutions and packaged software solutions to meet client objectives.
Trident Digital Tech Holdings was founded in 2014 and booked $1 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol TDTH. Eddid Securities and Futures is the sole bookrunner on the deal.
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