707 Cayman Holdings, a Hong Kong-based provider of apparel and supply chain management solutions, raised $10 million by offering 2.5 million shares (30% secondary) at $4, the low end of the range of $4 to $5.
707 Cayman began trading on Monday and ended the day at $3.85 (-4% from offer).
The company provides various solutions to apparel brands, including market trend analysis, design and product development, sourcing, production management, quality control, and logistics to customers primarily in Western Europe, North America, and the Middle East. Rather than produce its own goods, 707 Cayman collaborates with third-party manufacturers, primarily based in China and Vietnam.
707 Cayman Holdings listed on the Nasdaq under the symbol JEM. Bancroft Capital acted as sole bookrunner on the deal.
