SINGAPORE, June 24, 2024 (GLOBE NEWSWIRE) -- Rectitude Holdings Ltd (the "Company" or "Rectitude"), a Singapore-based provider of safety equipment and related industrial products, today announced the closing of its initial public offering (the "Offering") of 2,000,000 ordinary shares at a public offering price of $4.00 per ordinary share, for total gross proceeds of $8,000,000, before deducting underwriting discounts, commissions, and other related expenses.
The Company has granted A.G.P./Alliance Global Partners ("A.G.P".or "Representative"), the underwriter, an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 300,000 ordinary shares at the initial public offering price, less underwriting discounts to cover over-allotments, if any.
The Company intends to use the proceeds from the Offering for marketing and promotional campaigns, product development, digital transformation and system upgrades, along with working capital and general corporate purposes.A.G.P./Alliance Global Partners acted as the sole book-running manager for the Offering.
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