SAG Holdings, a Singaporean distributor of spare automotive and industrial parts, raised the proposed deal size for its upcoming IPO on Friday.
The Singapore-based company now plans to raise $8 million by offering 1 million shares at a proposed price of $8. The company had previously filed to offer 0.9 million shares at $8. At the revised deal size, SAG Holdings will raise 14% more in proceeds than previously anticipated and command a market cap of $80 million.
SAG Holdings is a distributor of OEM, third party branded, and in-house branded replacement parts for motor vehicles and non-vehicle combustion engines, with operations primarily based in Singapore and global sales primarily generated from the Middle East and Asia. The company distributes parts for passenger and commercial vehicles through its On-Highway Business. Its Off-Highway Business serves various industrial sectors including marine, energy, and mining, among others. SAG Holdings is led by members of the founding Neo family, with brothers Jimmy and Edward Neo serving as CEO and Deputy CEO, respectively.
SAG Holdings was founded in 1975 and plans to list on the Nasdaq under the symbol SAG. Wilson-Davis & Co. and Dominari Securities are the joint bookrunners on the deal.
