Orangekloud Technology, a Singapore-based provider of software development services for SME, lowered the proposed deal size for its upcoming IPO on Thursday.
The Singapore-based company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 3 million shares at the same range. At the midpoint, Orangekloud Technology will raise 33% less in proceeds than previously anticipated.
Orangekloud conducts its operations in Singapore and Malaysia through operating subsidiaries MSC Consulting, which provides consulting, customizing, implementing, sales and after sales support for Microsoft Dynamics Enterprise Resource Planning System; Orangekloud Singapore, which provides a no-code platform and mobile application technology; and MSCI Consulting, which provides support to its Singapore business units. The company generates revenue through sales of licenses and products, as well as the provision of services and support.
Orangekloud Technology was founded in 2003 and booked $5 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol ORKT. Maxim Group LLC is the sole bookrunner on the deal.
