Perfect Moment Ltd., the U.K.-based luxury skiwear, outerwear, and swimwear maker, filed for an initial public offering (IPO) on Tuesday. The company is planning to list its shares on the Nasdaq under the ticker symbol "PMNT". The terms of the deal have not been disclosed yet. ThinkEquity and Laidlaw & Co. (UK) Ltd are underwriting the IPO.
The filing documents indicate that the proceeds from the IPO will be used for corporate purposes, working capital, as well as sales, marketing, and administrative expenses.
The company has shown signs of financial improvement over recent periods. In Q1 2021, Perfect Moment successfully reduced its net loss from $6.7 million in the year-earlier period to $2.7 million. Meanwhile, its revenue increased from $769,000 to $988,000 year-over-year.
In a broader context, the market for IPOs has been robust recently. During the same period when Perfect Moment saw its financial improvements, the Renaissance IPO ETF (NASDAQ:IPO) and S&P 500 (INDEXSP:.INX) gained 28% and 13% respectively.
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