Magnitude International Ltd Announces Closing of Initial Public Offering

Company Overview - Magnitude International Ltd is an electrical installation service provider based in Singapore, founded in 2012, with over 12 years of experience in the industry [5] - The company specializes in the installation of generators, transformers, and solar panel systems, and acts as the main electrical contractor in various construction projects [5] - Magnitude aims to become a leading integrated one-stop electrical installation services provider in Singapore, focusing on safety, functionality, and energy efficiency of buildings [5] Initial Public Offering (IPO) Details - The company closed its initial public offering of 2,200,000 ordinary shares at a public offering price of US$4.00 per share, resulting in total gross proceeds of US$8.8 million [1] - Of the total shares offered, 1,650,000 were sold by the company and 550,000 by a selling shareholder, XJL International Ltd [1] - The shares began trading on the Nasdaq Capital Market under the ticker symbol "MAGH" on August 12, 2025 [2] Underwriting and Legal Counsel - The offering was conducted on a firm commitment basis, with Bancroft Capital, LLC serving as the sole underwriter [2] - Legal counsel for the company was provided by Concord & Sage PC, while Taft Stettinius & Hollister LLP acted as legal counsel for the underwriter [2]