Singapore-based Boustead Wavefront slashes deal size by 49% ahead of $8 million US IPO

Boustead Wavefront, a Singapore-based boutique investment bank providing market entry and advisory services, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Singapore-based company now plans to raise $8 million by offering 1.3 million shares at $6. The company had previously filed to offer 3 million shares at a range of $4 to $6. At the revised terms, Boustead Wavefront will raise -49% less in proceeds than previously anticipated.

Boustead Wavefront currently provides market entry and product development advisory services. It also has a portfolio of direct strategic investments in pre-IPO offerings where its affiliate Boustead Securities had been engaged as the underwriter. The company expects to expand into corporate finance advisory, and IPO origination and execution for Nasdaq and NYSE listings for Asia-based, high-growth, high-intellectual property content companies. 

Boustead Wavefront was founded in 2006 and booked $1 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol BOUW. Revere Securities is the sole bookrunner on the deal.