Sea Forrest International, which provides green energy and engineering solutions for ships and other marine equipment, announced terms for its IPO on Friday.
The Singapore-based company plans to raise $16 million by offering 3.8 million shares at a price range of $4.00 to $4.50. At the midpoint of the proposed range, Sea Forrest International would command a market cap of $58 million.
Through its subsidiaries SF (Engineering) and SF (Power), Sea Forrest International provides afloat repairs and maintenance, repairs, and overhauling (MRO) services, and green energy solutions. Its green energy solutions include marine electric propulsion solutions, marine energy storage solution, marine charging solution, and marine renewable solution. Its MRO services include afloat repairs, maintenance, installation, structure and piping fabrication, and project and procurement management.
Sea Forrest International was founded in 2011 and booked $5 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol SFTI. Maxim Group LLC is the sole bookrunner on the deal.
