ELC Group Holdings, which provides staffing services and facilities management software in Singapore, filed on Tuesday with the SEC to raise approximately $10 million in an initial public offering.
The Singapore-based company's filing implies that it plans to raise $10 million by offering 2.0 million shares (38% secondary) at a price range of $4 to $6. At the midpoint of the proposed range, ELC Group Holdings would be valued at $74 million.
Under operating subsidiary EL Connect Pte., the company states that it is a manpower service provider (MSP) in Singapore serving industries such as warehouse and logistics, food and beverage, cleaning, manufacturing, retail, and events. It offers job seekers a mobile app to connect with employers, calling itself the only MSP that offers same-day pay. For employers, in addition to staffing services on its El Connect app, it offers an app that supports building and property operations management called TaskForce.
ELC Group Holdings was founded in 2020 and plans to list on the Nasdaq under the symbol ELCG. D. Boral Capital is the sole bookrunner on the deal.
