Rectitude Holdings, a Singapore-based provider of safety equipment and other industrial products, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering.
The company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Rectitude Holdings would command a market value of $73 million.
Rectitude is principally involved in the provision of safety equipment, encompassing items such as personal protective clothing, hand gloves, safety footwear, and personal fall arrest systems; portable fire extinguishers; and traffic products such as rubber speed humps, wheel stops, and wheel chocks. It also offers auxiliary products such as industrial hardware tools and electrical hardware required for construction sites as needed. The company's products are marketed to distributor networks and end markets in Singapore as well as the broader Southeast Asian region, and its customers are primarily from the infrastructure development, building construction, marine, oil and gas industries, and general industrial markets.
Rectitude Holdings was founded in 1997 and booked $30 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol RECT. The company filed confidentially on November 2, 2023. A.G.P. is the sole bookrunner on the deal.
