08:50 AM EDT, 06/21/2024 (MT Newswires) -- Rectitude Holdings (RECT) said Friday that it has priced its initial public offering $4 per ordinary share to raise $8 million.

The company said its ordinary shares were approved for listing on the Nasdaq Capital Market and will begin trading Friday under the ticker symbol "RECT."

The underwriter was granted a 45-day option to purchase up to an additional 300,000 ordinary shares at the IPO price, Rectitude said.

The offering is slated to be completed on Monday. The company said proceeds would be used for marketing and promotional campaigns, product development, digital transformation and system upgrades, as well as general corporate purposes.