SAG Holdings, a Singaporean distributor of spare automotive and industrial parts, revised the terms for its upcoming IPO on Thursday.
The Singapore-based company now plans to raise $7 million by offering 0.9 million shares at $8. The company originally set IPO terms in March 2023, and had most recently planned to raise $9 million. At the revised terms, SAG Holdings will raise 20% less in proceeds than previously anticipated, but at a higher market cap compared to its previous terms.
SAG Holdings is a distributor of OEM, third party branded, and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines, with operations primarily based in Singapore and global sales primarily generated from the Middle East and Asia. The company distributes parts for passenger and commercial vehicles through its On-Highway Business. Its Off-Highway Business serves various industrial sectors including marine, energy, and mining, among others. SAG Holdings is led by members of the founding Neo family, with brothers Jimmy and Edward Neo serving as CEO and Deputy CEO, respectively.
SAG Holdings was founded in 1975 and booked $59 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol SAG. Spartan Capital Securities is the sole bookrunner on the deal.
