Multi Ways Holdings, a Singapore-based supplier of heavy construction equipment, raised $18 million by offering 7.2 million shares (17% secondary) at $2.50, within the range of $2 to $3. The company offered 0.8 million more shares than anticipated.
Multi Ways opened for trading on Monday at $3.05 (+22% vs. offer price) and ended the first day at $8.87 (+255%). Multi Ways is the first IPO to deliver a triple-digit pop so far this year, as regulators have stepped up their scrutiny of small deals in the wake of 2022's "pop-and-drop" trading trend.
Beginning with the sale of generators and air compressors, Multi Ways has since become a supplier of a wide range of heavy construction equipment. 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 Holdings plans to list on the NYSE American under the symbol MWG. Spartan Capital Securities acted as sole bookrunner on the deal.
