Singapore-Based Davis Commodities Slashes Deal Size By 68% Ahead of $5 Million US IPO

Renaissance Capital2023-08-24

Davis Commodities, a Singapore-based commodity trading company focused on sugar, rice, and fats, lowered the proposed deal size for its upcoming IPO on Wednesday.The Singapore-based company now plans ...

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Concurrently, selling shareholders have registered 2.0 million shares via a separate resale prospectus. The company had previously filed to offer 3.4 million shares (45% primary) at the same range. At the midpoint, Davis Commodities will raise 68% less in proceeds than previously anticipated.Davis Commodities is an agricultural commodity trading company which specializes in sugar, rice, and oil and fat products, distributing these commodities in over 20 countries across Asia, Africa, and the Middle East. The company operates an asset light business model and utilizes an established global network of third-party commodity suppliers and logistics service providers. Davis Commodities sources and markets its products under two main brands, Maxwill and Taffy, and is also the exclusive distributor of the Lin brand in Singapore.Davis Commodities was founded in 1999 and booked $207 million in revenue for the 12 months ended December 31, 2022. 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