Singaporean modeling software provider Optimal AI plans to price its IPO at $4-5 per share, with hopes of raising $11 million.

Optimal AI is a Singaporean supplier of modeling and simulation software for businesses. The company submitted an application to the US Securities and Exchange Commission on Tuesday, intending to raise up to $11 million through an initial public offering. Optimal AI plans to issue 2.5 million shares at a price of $4 to $5 per share, raising $11 million. Based on the midpoint of the proposed range, Optimal AI's market value will be $109 million, with an enterprise value of $100 million, equivalent to 116.8 times the sales of the last 12 months. Optimal AI, through its subsidiary Hiverlab, provides integrated enterprise AI solutions for industries such as healthcare, manufacturing, logistics, and financial services. Products include SpatialWork for space digital twins, CloudExpo, a web-based VR360 experience platform, and customized spatial XR solutions for clients in Singapore (78% of revenue in the 2024 fiscal year), Saudi Arabia (19%), Vietnam (3%), and other locations. Major shareholders include founder, CEO, and chairman Kee Chwee Lai (holding 37% of shares post IPO) and chief technology officer and director Shutao Jiang (22%). The Singapore-based company was founded in 2014 and generated $1 million in revenue in the 12 months ending June 30, 2025. The company plans to list on the New York Stock Exchange US edition and has not yet determined a trading code (RC code: OPAI.RC). R.F. Lafferty & Co. is the sole bookrunner for this offering.