To The Moon

Singaporean safety equipment supplier Rectitude Holdings submitted an IPO application to the U.S. Securities and Exchange Commission on January 16, 2024. $Re

Rectitude Holdings is one of Singapore's top hardware companies, providing a variety of personal protective equipment, safety shoes, life-saving ropes, fire extinguishers, and other safety devices. These include: 1. personal protective clothing, gloves, safety shoes, and personal fall protection systems; 2. portable fire extinguishers; 3. traffic products such as rubber speed bumps, wheel chocks, and wheel stops; 4. industrial hardware tools and electrical hardware for construction sites.

The company's products and solutions are sold to a wide distribution network and end markets in Singapore and an increasing number of Southeast Asian countries, including Brunei, Cambodia, Malaysia, Indonesia, and Vietnam. Most of its customers are in infrastructure development, construction, marine, oil and gas industries, as well as the general industrial market.

The company plans to issue 2 million shares at a price of $4-6 per share, raising $10 million.

For the fiscal year 2022 (ending March 31), the company had revenues of $29.8 million SGD and a net profit of $2.1 million SGD. For the fiscal year 2023, the company had revenues of $37.6 million SGD (approximately $28.32 million USD), a year-on-year increase of 26.3%; net profit was $3.9 million SGD (approximately $2.95 million USD), a year-on-year increase of 89.1%, with 92% contribution from local Singaporean business.