© Reuters.
SINGAPORE – Boustead Wavefront, a company based in Singapore, has officially withdrawn its initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The firm had initially filed for the IPO in May 2022, aiming to offer around 1.3 million shares priced at $6 each in an effort to raise approximately $8 million.
The planned listing on the Nasdaq, under the ticker symbol BOUW, was to be managed by Revere Securities acting as the sole bookrunner. However, the process did not progress as anticipated, with no updated prospectus released after January 2023. This move marks a significant shift for the company, which was founded in 2017 and underwent a merger with Boustead & Company in 2021.
The withdrawal from the IPO process indicates a change in strategy for Boustead Wavefront, although the reasons for the cancellation have not been disclosed.
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