Magnitude International outlines IPO, 62% control
Magnitude International Ltd (MAGH) reports Singapore-focused construction revenues, concentrated customers, and majority control by its founder-CEO under a Cayman–Nasdaq structure.
Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
20-F
Rhea-AI Filing Summary
Magnitude International Ltd (MAGH), a Cayman holding company for Singapore-based electrical engineering operations, reports under IFRS in Singapore dollars for the year ended April 30, 2026. The group completed its Nasdaq IPO on August 13, 2025, with an initial public offering of 2,200,000 ordinary shares at US$4.00 per share, including 1,650,000 primary shares.
All projects and revenues are in Singapore, with significant customer concentration: in 2026, the five largest customers contributed 82.5% of revenue and the largest customer 23.4%. Management highlights tender-based, non-recurring contracts, exposure to construction and regulatory conditions in Singapore, and rising subcontractor, material and labor costs as key business risks, but states it expects to have sufficient liquidity for at least the next 12 months.
Corporate governance is centered around founder-CEO Lim Say Wei, who controls 62.46% of the 35,000,000 outstanding ordinary shares through XJL International Ltd, making MAGH both a foreign private issuer and a “controlled company” under Nasdaq rules. The board has three independent directors and established audit, compensation and nomination committees, and key finance and operating executives were appointed in late 2024.
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