By Ben Glickman
Davis Commodities said Monday it expects to sell 3.4 million shares for between $3 and $5 apiece in its initial public offering.
The Singapore-based agricultural commodity company said in a filing with the Securities and Exchange Commission it will sell 1.5 million shares, while some existing shareholders will offer up to 1.875 million shares. Taken at the $4 midpoint of its expected range, the company expects proceeds of $8.27 million, which it plans to use for business expansion, repayment of loans and general corporate matters.
Davis Commodities initially filed for IPO in March. The company said it applied to list on the Nasdaq Global Market under the symbol DTCK.
In a regulatory filing Monday, Davis Commodities said it would have 23.25 million shares outstanding after the IPO, assuming the underwriters don’t exercise an over-allotment option. That would place the company’s market capitalization at $93 million, using the $4 midpoint of the expected price range.
Prior to the IPO, a holding company controlled by Executive Director Li Peng Leck owned about 65% of shares, with 21% of shares owned by Ng Hong Whee.
Univest Securities is listed as an underwriter of the offering.
Write to Ben Glickman at ben.glickman@wsj.com
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