Hong Kong-based construction services firm Primega Group Holdings files and sets terms for a $9 million US IPO

Primega Group Holdings, which provides transportation services to the construction industry in Hong Kong, filed on Wednesday with the SEC to raise up to $9 million in an initial public offering.

The Hong Kong-based company plans to raise $9 million by offering 1.8 million shares (14% secondary) at a price range of $4 to $6. At the midpoint of the proposed range, Primega Group Holdings would command a market value of $120 million.

Concurrently, existing shareholders are registering 5.5 million shares to be sold from time to time via a separate resale prospectus.

Operating through its subsidiary Primega Construction, the company provides transportation services to the Hong Kong construction industry. Its primary services include soil and rock transportation, diesel oil trading, and construction works, which mainly include ELS works and bored piling. Primega generally provides its services as a subcontractor.

Primega Group Holdings was founded in 2018 and booked $11 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol PGHL. The company filed confidentially on April 11, 2023. Eddid Securities and Futures is the sole bookrunner on the deal.