Magnitude International completes $8.8 million IPO on Nasdaq

Magnitude International Ltd (NASDAQ: MAGH) completed its initial public offering of 2.2 million ordinary shares at $4.00 per share, generating gross proceeds of $8.8 million before underwriting discounts and expenses, according to a company statement.

The Singapore-based electrical installation service provider sold 1.65 million shares, while selling shareholder XJL International Ltd sold 550,000 shares. The company received no proceeds from the selling shareholder's transaction.

Trading of the ordinary shares began on the Nasdaq Capital Market on August 12 under ticker symbol "MAGH." Bancroft Capital, LLC served as sole underwriter for the firm commitment offering.

The Securities and Exchange Commission declared the company's Form F-1 registration statement effective on July 30. The filing carried SEC number 333-287609.

Founded in 2012, Magnitude provides electrical installation services to private and public sector clients. The company installs generators, transformers and solar panel systems, and performs rewiring and alteration work. It operates primarily as a main electrical contractor on construction projects in Singapore.

Concord & Sage PC acted as U.S. legal counsel to Magnitude, while Taft Stettinius & Hollister LLP represented the underwriter in the transaction.

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