JBDI Holdings, a Singapore-based supplier of new and reconditioned steel and plastic drums, filed on Thursday with the SEC to raise up to $10 million in an initial public offering.
The Singapore-based company plans to raise $10 million by offering 2.3 million shares (22% secondary) at a price range of $4 to $5. At the midpoint of the proposed range, JBDI Holdings would command a market value of $89 million.
JBDI Holdings has grown from a small reconditioning and recycling business to a comprehensive provider of revitalized, reconditioned, and recycled drums, comprising a diversified range of drums including open top drums, metal drums, plastic drums, plastic carboys, and intermediate bulk containers. The company has also diversified into the sale of new drums and the collection of waste drums and related products.
JBDI Holdings was founded in 1983 and booked $11 million in revenue for the 12 months ended May 31, 2023. It plans to list on the Nasdaq under the symbol JBDI. Spartan Capital Securities is the sole bookrunner on the deal.
