Davis Commodities Limited Announces Pricing of Initial Public Offering

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The story "Davis Commodities Limited Announces Pricing of Initial Public Offering" was covered 1 weeks ago by Benzinga, a news publisher based in United States.

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Davis Commodities Limited Announces Pricing of Initial Public Offering - Benzinga

Quick Summary:

SINGAPORE, Sept.18, 2023 (GLOBE NEWSWIRE) -- Davis Commodities Limited (the "Company" or "Davis Commodities"), an agricultural commodity trading company that specializes in trading sugar, rice, and oil and fat products, today announced the pricing of its initial public offering (the "Offering") of 1,087,500 ordinary shares at a public offering price of US$4.00 per ordinary share.

Proceeds from the Offering will be used for (i) business expansion, including strengthening market position, expanding the scope of product offerings, engaging in strategic acquisitions and investments, joint venture partnerships, and investing in equipment and technology; (ii) repayment of bank borrowings with the incurred interest expenses; and (iii) working capital and general corporate matters.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 163,125 ordinary shares at the public offering price, less underwriting discounts.