Ultratrex, a Singaporean maker of marine environmental cleanup and dredging machinery, filed on Monday with the SEC to raise up to $6 million in an initial public offering.
The Singapore-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Ultratrex would command a market cap of $106 million.
Ultratrex is a provider of environmental solutions specializing in amphibious machinery, aquatic weed harvesters, and dredgers. The company focuses on projects related to environmental cleanup, habitat restoration, and land reclamation, serving customers primarily in Southeast Asia, the Middle East, and parts of Europe.
The Singapore-based company was founded in 2008 and booked $21 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol UTX. Craft Capital Management is the sole bookrunner on the deal.
