Davis Commodities, a Singapore-based commodity trading company focused on sugar, rice, and fats, announced terms for its IPO on Monday.
The Singapore-based company plans to raise $14 million by offering 3.4 million shares (55% secondary) at a price range of $3 to $5. At the midpoint of the proposed range, Davis Commodities would command a market value of $99 million.
Davis Commodities is an agricultural commodity trading company which specializes in sugar, rice, and oil and fat products, distributing these commodities in over 20 countries across Asia, Africa, and the Middle East. The company operates an asset light business model and utilizes an established global network of third-party commodity suppliers and logistics service providers. Davis Commodities sources and markets its products under two main brands, Maxwill and Taffy, and is also the exclusive distributor of the Lin brand in Singapore.
Davis Commodities was founded in 1999 and booked $207 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol DTCK. Univest Securities is the sole bookrunner on the deal.
