Singapore-based Grand Venture Technology, a highly complex precision machining and sheet metal components manufacturer, has filed for an initial public offering (IPO) on the Catalist board.
Grand Venture is seeking to secure about $13.2 million in gross proceeds, in part by issuing new shares.
The shares consist a public tranche of 800,000 shares and a placement tranche of 42.1 million shares at 27.5 cents each. The money raised will be used by the company to refund bank borrowings and for general working capital.
Moreso, Grand Venture will also use the funds to invest in and advance operational and engineering capabilities and extension via mergers and acquisitions, joint ventures and collaborations.