Republic Power Group Limited, a Singapore-based provider of enterprise resource planning solutions and related services, is set to raise $5 million through its initial public offering to fund research and development, marketing, hiring and potential acquisitions.
According to a news release , the IPO includes 2.12 million Class A ordinary shares announced at a price of $4.00 each, with 1.25 million shares issued by the company and 870,000 by existing shareholders. Listed on the Nasdaq Capital Market, trading began Tuesday at $4.20 per share. The company says the offering will close around Oct, 15, pending standard conditions.
Republic Power Group expects to secure $5 million in gross proceeds before expenses, while selling shareholders will receive approximately $3.48 million.
