C&K Group, a Hong Kong-based jeweler focused on pearls, raised the proposed deal size for its upcoming IPO on Friday.
The Hong Kong, China-based company now plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. The company had previously filed to offer 2 million shares at the same range, and had originally filed to offer 1.5 million shares. At the midpoint of the range, C&K Group will now raise 88% more in proceeds than previously anticipated.
With the revised offering terms, C&K Group will qualify for a US IPO under the Nasdaq's new listing requirements, which include a minimum float of $15 million.
Through its operating subsidiary, C&K Group principally engages in the purchasing, designing, and sales of loose pearls and finished jewelry products. The company currently offers a selection of over 1,000 styles of pearls and finished jewelry products.
C&K Group was founded in 2016 and plans to list on the Nasdaq, although it has not yet selected a symbol (RC ticker: CKJ.RC). Blue Diamond Securities of America and Revere Securities are the joint bookrunners on the deal.
