Primech Holdings Ltd. (PMEC) expects to raise $14 million in an IPO on Thursday, September 28th, IPO Scoop reports. The company will be issuing 3,100,000 shares at a price of $4.00-$5.00 per share.
In the last twelve months, Primech Holdings Ltd. generated $51.6 million in revenue and $920,000 in net income. The company has a market cap of $157.5 million.
Spartan Capital Securities served as the underwriter for the IPO.
Primech Holdings Ltd. provided the following description of their company for its IPO: ” We are an established technology-driven facilities services provider in the public and private sectors operating mainly in Singapore. Our mission is to support businesses by improving lives and strengthening communities through our business practices and ethics. We compete primarily in Singapore, with a small portion of our operations in Malaysia. We provide general cleaning services and maintenance of public and private facilities, such as airports, conservancy areas (i.e., the public areas, refuse disposal areas, parks and carparks of public housing units), common areas of hotels, educational institutions, public roads, residential spaces, commercial buildings, office facilities, industrial areas, retail stores and healthcare facilities; housekeeping services; specialized cleaning services, such as marble polishing services; building façade cleaning services and clean room sanitation services, and waste management and pest control services. We derive the majority of our revenue from the provision of facilities services, which accounted for approximately $36.9 million or 77.3% of our revenue in FY 2020 and approximately $40.6 million or 84.4% of our revenue in FY 2021. For the six months ended Sept. 30, 2020, and Sept. 30, 2021, we generated approximately $18.7 million or 82.6% of our revenue and approximately $22.9 million or 87.2% of our revenue, respectively, from the provision of facilities services. **Note: For the fiscal year ended March 31, 2022: Net loss of $1.26 million on revenue of $54.44 million. **Note: For the fiscal year ended March 31, 2021: Net income of $5.36 million on revenue of $48.09 million. **Note: For the six months ended Sept. 30, 2022: Net loss of $1.85 million on revenue of $32.7 million. **Note: For the six months ended Sept. 30, 2021: Net income of $0.41 million – $405,312 – on revenue of $26.24 million. (Note: Primech Holdings Ltd. slightly increased the size of its IPO to 3.05 million shares – up from 3.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.73 million, according to an F-1/A filing dated Sept. 1, 2023. Primech Holdings Ltd. cut its IPO’s size to 3.0 million shares – down from 5.0 million shares – and kept the price range at $4.00 to $5.00 – to raise $13.5 million, according to an F-1/A filing dated Aug.18,2023. In that same F-1/A filing dated Aug. 18, 2023, the company removed Pacific Century Securities as the leading joint book-runner and replaced the firm with Spartan Capital Securities as its sole book-runner.) (Background: Primech Holdings Ltd. added Spartan Capital Securities as a joint book-runner, teaming with Pacific Century Securities, in an F-1/A filing dated June 16, 2022. Primech Holdings ltd. filed terms for its IPO – 5 million shares at $4 to $5 each to raise $22.5 million – in its F-1/A filing dated May 31, 2022. The company also changed its sole book-runner to Pacific Century Securities, LLC, according to this filing; its previous sole book-runner was Tiger Brokers. Primech Holdings filed its F-1 (prospectus) on March 31, 2022. The company had filed confidentially to go public on Nov. 24, 2021.) “.
Primech Holdings Ltd. was founded in 1984 and has 2613 employees. The company is located at 23 Ubi Crescent Singapore 408579 and can be reached via phone at +65 6286 1868 or on the web at https://www.homehelpy.com/.
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