Rectitude Holdings, a Singapore-based provider of safety equipment and other industrial products, raised $8 million by offering 2 million shares at $4, the low end of the range of $4 to $6.
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 plans to list on the Nasdaq under the symbol RECT. A.G.P. acted as sole bookrunner on the deal.
