Springview Holdings, which designs and constructs residential and commercial buildings in Singapore, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Singapore-based company now plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. The company had previously filed to offer 2 million shares at the same range. At the revised deal size, Springview Holdings will raise -38% less in proceeds than previously anticipated and command a market value of $96 million.
Springview's projects cover four main types of work: new construction, which entails demolition of an existing house for a new build; reconstruction, which involves replacement of a substantial part of a house; additions and alterations, in which it focuses on minor modifications to existing structures within an existing building's requirements; and other general contracting services, such as renovation and design consultation.
Springview Holdings was founded in 2002 and booked $10 million in revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol SPHL. AC Sunshine Securities is the sole bookrunner on the deal.
