Singapore-based staffing services firm ELC Group sets terms for $6 million US IPO
ELC Group Holdings, a Singapore-based staffing services firm, has announced terms for its $6 million IPO, planning to offer 1.3 million shares priced between $4 and $6. At the midpoint, the company would have a market value of $131 million. Founded in 2020, ELC Group provides manpower services across various industries and offers a mobile app for job seekers and employers. It aims to list on Nasdaq under the symbol ELCG, with D. Boral Capital as the sole bookrunner.
ELC Group Holdings, which provides staffing services and facilities management software in Singapore, announced terms for its IPO on Friday.
The Singapore-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $6. At the midpoint of the proposed range, ELC Group Holdings would command a market value of $131 million.
Under operating subsidiary EL Connect Pte., the company states that it is a manpower service provider (MSP) in Singapore serving industries such as warehouse and logistics, food and beverage, cleaning, manufacturing, retail, and events. It offers job seekers a mobile app to connect with employers, calling itself the only MSP that offers same-day pay. For employers, in addition to staffing services on its El Connect app, it offers an app that supports building and property operations management called TaskForce.
ELC Group Holdings was founded in 2020 and booked $6 million in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol ELCG. D. Boral Capital is the sole bookrunner on the deal.
