Singapore-based container-recycling company JBDI Holdings has filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission. The company plans to sell $1.75 million shares at a price range of $4 to $5 per share, with half a million shares being sold by selling shareholders.
Environmental Impact Reduction
JBDI Holdings offers services to recondition and recycle various containers including open top drums, metal drums, plastic drums, plastic carboys, and intermediate bulk containers. The company's main goal is to assist customers in minimizing their environmental impact.
JBDI Holdings intends to list its shares on the Nasdaq Capital Market under the ticker symbol JBDI.
Net Proceeds and Future Plans
With an expected price range midpoint, JBDI anticipates net proceeds of $6 million from the IPO. The company plans to use this capital for several purposes including leasing additional space near its warehouse, expanding its regional business for reconditioning drums, upgrading automation systems, and strengthening its environmental, social, and governance factors.
In the fiscal year that ended on May 31, 2023, JBDI Holdings recorded a profit of $800,000 from net revenue of $11.1 million.
Spartan Capital Securities has been listed as the underwriter for the offering.