Multi Ways Holdings, which sells and rents heavy construction equipment in Singapore, filed on Wednesday with the SEC to raise up to $16 million in an initial public offering.
The Singapore-based company plans to raise $16 million by offering 6.4 million shares (19% secondary) at a price range of $2 to $3. At the midpoint of the proposed range, Multi Ways Holdings would command a market value of $75 million.
Multi Ways' history began in 1988 with the sale of generators and air compressors. Since then, it has become a supplier of a wide range of heavy construction equipment in Singapore and the region, expanding into road-building equipment and mining equipment in 1996 and the crane trading business in 2012. The company has more than 100 customers from a variety of industries, spanning countries including Singapore, Australia, the UAE, Maldives, Indonesia, and the Philippines.
Multi Ways Group was founded in 1988 and booked $41 million in revenue for the 12 months ended June 30, 2022. It plans to list on the NYSE American under the symbol MWG. The company filed confidentially on August 26, 2022. Spartan Capital Securities is the sole bookrunner on the deal.
