Primech Holdings, which provides cleaning and maintenance services to facilities in Singapore and Malaysia, announced terms for its US IPO on Monday.
The Singapore-based company plans to raise $23 million by offering 5 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Primech Holdings would command a market value of $169 million.
The company states that it is a technology-driven facilities services provider in the public and private sectors operating mainly in Singapore, with a small portion of operations in Malaysia. Primech provides facilities services, stewarding services, cleaning services to offices, cleaning services to homes, and cleaning supplies.
Primech Holdings was founded in 1984 and booked $52 million in revenue for the 12 months ended September 30, 2021. It plans to list on the Nasdaq under the symbol PMEC. Tiger Brokers is the sole bookrunner on the deal.
