By Carrie Chen
HONG KONG (Nov 24) -- Icicle Group Holdings plans to raise up to HK$72 million ($9.2 million) in an initial public offering on Hong Kong's growth enterprise market board for small companies.
The marketing production company said it will offer 120 million shares in an indicative price range of 48 Hong Kong cents to 60 Hong Kong cents.
Assuming a pricing at the mid-point of the indicative range, Icicle expects to raise net proceeds of about HK$43.8 million from the offering. It plans to use the money to expand its work premises, enlarge its social media marketing production capability, and for hiring.
During the five months ended May 31, the company reported a 29.7% drop in adjusted net profit to HK$2.6 million and a 13.5% decline in revenue to HK$28.3 million. The company generates most of its revenue from physical media production and management in printing packaging and sourcing services.
Success New Spring Capital is the sole sponsor for the offering.
- By Carrie Chen; firstname.lastname@example.org; +852 3960 5102
- Edited By Suzannah Benjamin
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