Singapore-based Davis Commodities has downsized its initial public offering (IPO).
Originally planning to offer 3.4 million shares, the agricultural commodities trader has now scaled it down to 1.09 million shares.
Despite this change, the company will offer shares at between $4.00 and $4.50 - the original range.
Davis told prospective investors it aims to make its debut on Nasdaq, with the ticker symbol 'DTCK', and has chosen Univest Securities as the exclusive underwriter for this venture.
The group, which trades sugar, rice, and oil and fat products, intends to utilize the IPO proceeds for business growth, debt reduction, and operational needs.