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Singapore-based Republic Power Group lowers deal size by 45%, changes lead bank ahead of $11 million US IPO

September 18, 2023

Republic Power Group, which provides software development services in Southeast Asia, lowered the proposed deal size for its upcoming IPO on Monday. In its latest filing the company also replaced sole bookrunner Univest Securities with Prime Number Capital.

The Singapore-based company now plans to raise $11 million by offering 2 million shares (36% secondary) at a price range of $5 to $6. The company had previously filed to offer 4 million shares (25% secondary) at a range of $4 to $6. At the midpoint of the revised range, Republic Power Group will raise 45% less in proceeds than previously anticipated.

Republic Power Group provides customized software development services, technology solutions, consulting and technical support services, and peripheral hardware to corporate clients and government agencies based in Singapore and Indonesia, such as airports, cruise terminals, technology companies, and law enforcement agencies. The company's software provides real-time monitoring, resources allocation, planning surveillance, and threat detection.

Republic Power Group was founded in 2015 and booked $2 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol RPGL. Prime Number Capital is the sole bookrunner on the deal.