Davis Commodities, a Singaporean agricultural commodities trader, downsized its planned initial public offering on Wednesday to 1.09 million shares from 3.4 million shares previously. The company is sticking with a proposed price range of $4.00 to $4.50 a share. It has applied to list on Nasdaq under the ticker ‘DTCK.’ Univest Securities is sole underwriter on the deal. “We are an agricultural commodity trading company based in Singapore which specializes in trading of three main categories of agricultural commodities: sugar, rice, and oil and fat products,” the company says in its filing documents. Proceeds of the deal will be used for business expansion, to pay down debt and for working capital. The company had net income of $4.6 million in 2022, down from $4.7 million in 2021. Revenue rose to $206.7 million from $194.2 million. The Renaissance IPO ETF
IPO,
has gained 26% in the year to date, while the S&P 500
SPX,
has gained 14%.
