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SINGAPORE - Magnitude International Ltd (NASDAQ:MAGH), a Singapore-based electrical installation service provider, announced Wednesday the completion of its initial public offering of 2,200,000 ordinary shares at $4.00 per share, raising $8.8 million in gross proceeds. The stock is currently trading at $4.06, near its 52-week high of $4.13, according to InvestingPro data.
The company sold 1,650,000 ordinary shares while selling shareholder XJL International Ltd sold 550,000 shares. Magnitude did not receive proceeds from the selling shareholder’s portion of the offering.
Trading of Magnitude’s shares on the Nasdaq Capital Market began Tuesday under the ticker symbol "MAGH." Bancroft Capital, LLC served as the sole underwriter for the firm commitment offering.
Founded in 2012, Magnitude provides electrical installation services to both private and public sectors, including installation of generators, transformers, and various alteration and addition works such as rewiring and solar panel system installation. The company primarily operates as the main electrical contractor in construction projects. InvestingPro analysis shows the company maintains a healthy balance sheet with more cash than debt and generated revenues of $13.55 million in the last twelve months, with a gross profit margin of 17.5%.
The Securities and Exchange Commission declared effective the company’s registration statement (File Number:333-287609) on July 30, 2025.
Concord & Sage PC acted as U.S. legal counsel to Magnitude, while Taft Stettinius & Hollister LLP served as U.S. legal counsel to the underwriter.
This report is based on a press release statement from the company. For comprehensive financial analysis and additional insights, including 8 more exclusive ProTips, visit InvestingPro.
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