Investing.com -- Skyline Builders Group Holding Limited (NASDAQ: SKBL), a Hong Kong-based public works contractor, launched its initial public offering (IPO) today in the U.S.. The IPO opened at $4.40 per share shortly before 11AM ET after pricing 1.5 million Class A ordinary shares at $4 each. The shares are currently trading at $4.12, marking a 3% increase for the session. Shares are now trading on the Nasdaq Capital Market under the icker symbol "SKBL".
The company anticipates gross proceeds of about $6 million from this IPO, prior to deductions for underwriting discounts and related expenses. The funds raised will be used to increase the company's capacities, including hiring additional staff, acquiring machinery to enhance its capacity, and strengthening its market position in the civil engineering industry. The proceeds will also be utilized to boost the company's brand, fund working capital, and for other general corporate purposes.
The IPO is being conducted on a firm commitment basis. Dominari Securities LLC is serving as the representative of the underwriters, with Revere Securities LLC acting as co-underwriter for the offering. Legal firms Loeb & Loeb LLP and Sichenzia Ross Ference Carmel LLP are providing counsel to the company and the underwriters, respectively.
Skyline Builders Group primarily undertakes public civil engineering works, including road and drainage works, in Hong Kong. The company mainly works as a subcontractor but is also fully qualified to act as the main contractor. Its public sector projects primarily involve infrastructure developments, while private sector projects mainly include residential and commercial developments.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.