Davis Commodities, a Singapore-based commodity trading company focused on sugar, rice, and fats, raised the proposed deal size for its upcoming IPO on Monday.
The company now plans to raise $14 million by offering 3.4 million shares (55% secondary) at a price range of $4.00 to $4.50. The company had previously filed to offer the same number of shares at a range of $3.00 to $5.00. At the midpoint of the revised range, Davis Commodities will raise 6% more in proceeds than previously anticipated.
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 $210 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol DTCK. Univest Securities is the sole bookrunner on the deal.
