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The IPO Buzz: Hong Kong’s Primega Group (PGHL) Prices IPO at $4.00 – Low End

Monday, July 22, 2024 17:03

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Primega Group Holdings Limited (PGHL) of Hong Kong priced its small-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 range – and sold 1.5 million shares to raise $6 million early today – Monday, July 22, 2024. Primega’s shares are expected to start trading Tuesday, July 23, 2024, on the NASDAQ. Bancroft Capital, majority owned by disabled veterans, was the sole book-runner for Primega Group’s IPO. Primega Group says in the prospectus that its Hong Kong subsidiary, Primega Construction, provides these services as a subcontractor to other construction contractors: transport soil and rock from construction sites; diesel oil trading, and construction work, including excavation and lateral support (ELS) work and bored piling. “Primega Construction works with recyclers and other private contractors to repurpose and recycle excavated materials, reducing the volume of construction waste ending up in landfills, while lowering waste disposal fees incurred by its customers,” the prospectus says. The company said that it intends to use the net proceeds from the IPO for expanding the existing business by acquiring additional machinery and equipment, including tipper trucks and excavation machines and employing additional staff, as well as for upgrading the information technology systems to track the location and deployment of the trucks to improve resource allocation and efficiency. Some of the IPO proceeds will also be used for working capital and other general corporate purposes. Primega Group is profitable. For the 12 months that ended Sept. 30, 2023, Primega Group reported net income of $0.88 million on revenue of $9.54 million, according to financial statements in the prospectus.

Source: https://www.iposcoop.com/the-ipo-buzz-hong-kongs-primega-group-pghl-prices-ipo-at-4-00-low-end/

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