Magnitude International, which provides electrical installation services in Singapore, raised $9 million by offering 2.2 million shares (25% secondary) at $4.00, the low end of the range of $4.00 to $5.00.
Under the brand name BNL, Magnitude International provides electrical installation for private and public housing, commercial and mixed-use developments, and other types of public facilities, including the installation of generators, transformers, and high and low tension systems, among others. In addition, under the brand name Herlin, it also provides various types of addition and alteration (A&A) works for residential, commercial, and other properties (hotels, shopping malls, hospitals, government facilities, restaurants, etc.).
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Magnitude International plans to list on the Nasdaq under the symbol MAGH. Bancroft Capital acted as sole bookrunner on the deal.
