First IPO of April: Shares of Singapore heavy equipment company Multi Ways Holdings (MWG) surged 254.8 percent to close at $8.87 – up $6.37 from their $2.50 IPO price – in their NYSE-American Exchange debut on Monday (April 3, 2023). For the record, Multi Ways Holdings became the first IPO this year to score a moonshot – a gain of 100 percent or more. The stock opened at $3.05 – up 55 cents or 22 percent – after 11 a.m. EDT on Monday – and kept climbing steadily. Multi Ways Holdings increased the size of its micro-cap IPO to 7.24 million shares – up from 6.4 million shares in the prospectus – and priced the deal at the $2.50 mid-point of its $2.00-to-$3.00 price range – to raise $18.1 million. At pricing, the company added 840,000 shares for a total of 6.04 million shares – raising $15.1 million. The selling stockholder sold 1.2 million shares, raising $3.0 million; the company will not receive any proceeds from the sale of the selling stockholder’s shares.
Spartan Capital Securities was the sole book-runner of the Multi Ways Holdings IPO.
The stock in the IPO was offered by the Cayman Islands-incorporated holding company – and not by the underlying Singapore-based business.
Multi Ways Holdings, based in Singapore, sells and rents heavy construction equipment to customers primarily in Singapore and Australia. The company also serves customers in the Maldives, Indonesia, Thailand, Vietnam, the Philippines and the Middle East. CEO James Lim started the business in 1988. Road-building equipment, mining equipment and cranes are included in the inventory.
For the 12 months that ended June 30, 2022, Multi Ways Holdings earned net income of $2.28 million on revenue of $40.8 million.
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