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 US. The IPO opened at $4.40 per share shortly before 11 a.m. ET after pricing 1.5 million Class A common shares at $4 each. Shares are currently trading at $4.12, up 3% for the session. The stock now trades on the Nasdaq Capital Market under the ticker symbol “SKBL”.
The company anticipates gross proceeds of approximately $6 million from this IPO, before deductions for underwriting discounts and related expenses. The funds raised will be used to increase the company’s capacity, including hiring additional staff, purchasing machines to increase capacity, and strengthening the market position in the civil engineering sector. The profits will also be used to strengthen the company’s brand, finance working capital and for other general corporate purposes.
The IPO is conducted on a firm commitment basis. Dominari Securities LLC is serving as representative of the underwriters and Revere Securities LLC is acting as co-sponsor for the offering. Law firms Loeb & Loeb LLP and Sichenzia Ross Ference Carmel LLP provide advice to companies and insurers, respectively.
Skyline Builders Group primarily undertakes public construction works, including road and drainage works, in Hong Kong. The company mainly works as a subcontractor, but is also fully qualified to act as a main contractor. Its public sector projects primarily involve infrastructure development, while private sector projects mainly involve residential and commercial construction.
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