The IPO Buzz: Multi Ways Holdings (MWG) Jumps 254.8 Percent in NYSE-American Debut

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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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.