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Hong Kong-based Millennium Group cuts deal size and changes lead bank ahead of $8 million US IPO

March 3, 2023
MGIH

Millennium Group International Holdings, a Hong Kong-based producer of paper packaging, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Network 1 Financial Securities with Revere Securities and R.F. Lafferty & Co.

The company now plans to raise $8 million by offering 2 million shares at $4. It had previously filed to offer 5 million shares at a range of $4 to $5. At the revised terms, Millennium Group International Holdings will raise 64% less in proceeds than previously anticipated and command a market value of $48 million.

Because the company is expected to have a post-IPO market cap of less than $50 million, Millennium Group will be excluded from Renaissance Capital's 2023 IPO stats.

Founded in 1978, Millennium Group operates in China and Vietnam, with two production facilities in Guangdong, China, and a supply chain services unit in Vietnam. The company engages in the production of paper-based inner packaging boxes and outer packaging boxes made of corrugated paperboards. The company's customers are primarily located in East Asia and Southeast Asia.

Millennium Group International Holdings was founded in 1978 and booked $66 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol MGIH. Revere Securities and R.F. Lafferty & Co. are the joint bookrunners on the deal.