Ten-League International Holdings, a Singapore-based provider of heavy equipment and engineering consultancy services, announced terms for its IPO on Friday.
The company plans to raise $13 million by offering 2.8 million shares (28% secondary) at a price range of $4 to $5. At the midpoint of the proposed range, Ten-League International Holdings would command a market value of $134 million.
Ten-League International's business primarily consists of sales of heavy equipment and parts, heavy equipment rental, and provision of engineering consultancy services to port, construction, civil engineering, and underground foundation industries. The equipment it provides can be categorized into foundation equipment, hoist equipment, excavation equipment, and port machinery.
Ten-League International Holdings was founded in 1998 and booked $44 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol TLIH. Eddid Securities and Futures is the sole bookrunner on the deal.
