Ten-League International Holdings, a Singapore-based provider of heavy equipment and engineering consultancy services, lowered the proposed deal size for its upcoming IPO on Monday.
The Singapore-based company now plans to raise $10 million by offering 2.2 million shares (28% secondary) at a price range of $4 to $5. The company had previously filed to offer 2.8 million shares at the same price range. At the revised deal size, Ten-League International Holdings will raise -20% less in proceeds than previously anticipated and command a fully diluted market value of $132 million.
Ten-League International's business primarily consists of sales of heavy equipment and parts (76% of 1H23 revenue), heavy equipment rental (18%), and provision of engineering consultancy services (6%) to port, construction, civil engineering, and underground foundation industries. The equipment it provides can be categorized into foundation equipment, hoist equipment, excavation equipment, and port machinery.
Ten-League International Holdings was founded in 1998 and plans to list on the Nasdaq under the symbol TLIH. Bancroft Capital is the sole bookrunner on the deal.
