Singaporean marine repair machinery manufacturer Ultratrex (UTX.US) submitted a US stock IPO application, aiming to raise $6 million.

Singapore-based marine environmental cleaning and dredging machinery manufacturer Ultratrex submitted its initial public offering (IPO) application to the U.S. Securities and Exchange Commission (SEC) on Monday, planning to raise up to $6 million. The Singapore company plans to issue 1.3 million shares at a price of $4 to $6 per share, raising $6 million. Based on the midpoint of the proposed price range, Ultratrex's market value will reach $106 million. Ultratrex is a specialist provider of amphibious machinery, aquatic weed harvesters, and dredgers for environmental solutions. The company focuses on projects related to environmental cleaning, habitat restoration, and land reclamation, primarily serving clients in parts of Southeast Asia, the Middle East, and Europe. Founded in 2008, the company had a revenue of $21 million in the 12 months ending on June 30, 2024. The company plans to list on the Nasdaq with the stock symbol UTX. Craft Capital Management is the sole book-running manager for this transaction.