Davis Commodities, a Singapore-based commodity trading company focused on sugar, rice, and fats, raised $4 million by offering 1.1 million shares at $4, the low end of the range of $4.00 to $4.50.
Because the company raised less than $5 million, Davis Commodities will be excluded from Renaissance Capital's 2023 IPO stats.
Davis Commodities is an agricultural commodity trading company which specializes in sugar, rice, and oil and fat products, distributing these commodities in over 20 countries across Asia, Africa, and the Middle East. The company operates an asset light business model and utilizes an established global network of third-party commodity suppliers and logistics service providers. Davis Commodities sources and markets its products under two main brands, Maxwill and Taffy, and is also the exclusive distributor of the Lin brand in Singapore.
Davis Commodities plans to list on the Nasdaq under the symbol DTCK. Univest Securities acted as sole bookrunner on the deal.
