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Hong Kong-based contractor Chi Ko Holdings sets terms for $8 million US IPO

May 30, 2023

Chi Ko Holdings, a Hong Kong-based construction contractor specializing in foundation and site formation, announced terms for its IPO on Tuesday. In its latest filing, the company also disclosed financials for the six months ended September 30, 2022.

The company plans to raise $8 million by offering 1.7 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Chi Ko Holdings would command a market value of $58 million.

Chi Ko Holdings is an established one-stop shop construction services provider in Hong Kong. The company derives a majority of revenue from foundation and site formation work but also does general building work, as well as other construction work, mainly demolition. Chi Ko is able to undertake construction work as either a main contractor or a subcontractor and provides both build-only and design-and-build services, primarily in the private sector.

Chi Ko Holdings was founded in 1981 and booked $68 million in revenue for the 12 months ended September 30, 2022. It plans to list on the Nasdaq under the symbol CKHL. EF Hutton is the sole bookrunner on the deal.