Primega Group Holdings Limited Prices IPO at $4.00-$6.00 Per Share (PGHL)

Primega Group Holdings Limited (PGHL) expects to raise $9 million in an IPO on the week of July 1st, IPO Scoop reports. The company plans to issue 1,800,000 shares at a price of $4.00-$6.00 per share.

In the last year, Primega Group Holdings Limited generated $9.5 million in revenue and $880,000 in net income. Primega Group Holdings Limited has a market cap of $120 million.

Bancroft Capital LLC served as the underwriter for the IPO.

Primega Group Holdings Limited provided the following description of their company for its IPO: “We are a holding company. (Incorporated in the Cayman Islands) From the prospectus: Investors are cautioned that you are buying shares of a Cayman Islands holding company with operations in Hong Kong by its operating subsidiary. Note: We are a holding company incorporated in the Cayman Islands with operations conducted by our Hong Kong subsidiary, Primega Construction. Primega Construction is a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of C&D (construction and demolition) materials and reduction of construction waste. Through Primega Construction, we operate in the Hong Kong construction industry, mainly handling transportation of materials excavated from construction sites. Primega Construction principally provides the following services in Hong Kong (i) soil and rock transportation services; (ii) diesel oil trading; and (iii) construction works, which mainly includes ELS works and bored piling. (Note: ELS stands for excavation and lateral support.) We generally provide our services as a subcontractor to other construction contractors in Hong Kong. In the prospectus, the company describes the source of its income: “We generate the majority of our income from soil and rock transportation services provided by Primega Construction, which contributed 73.82%, 88.47% and 66.48% of our total revenue during the years ended March 31, 2022, and March 31, 2023, and the six months ended Sept. 30, 2023, respectively. Primega Construction works with recyclers and other private contractors to repurpose and recycle excavated materials, reducing the volume of construction waste ending up in landfills, while lowering waste disposal fees incurred by its customers. “We believe the following competitive strengths differentiate us from our competitors: *”We have a fleet of 43 tipper trucks and machinery and a strong network of subcontractors; *”Stable relationships with customers,  *”Experienced and professional management team.” Note: Net income and revenue are in U.S. dollars for the 12 months that ended Sept. 30, 2023. (Note: Prime Group Holdings Limited changed the sole book-runner of its small-cap IPO to Bancroft Capital LLC, a veteran-owned firm – replacing the original sole book-runner, Eddid Securities USA – according to an F-1/A filing dated June 21, 2024. Please Note: Prime Group Holdings Limited is offering 1.75 million shares – with 1.5 million shares offered by the company and 250,000 shares offered by Mr. Man Siu Ming, the selling shareholder – at a price range of $4.00 to $6.00 – to raise $8.75 million, according to the F-1/A filing dated June 21, 2024.)       “.

Primega Group Holdings Limited was founded in 2018 and has 31 employees. The company is located at Room 2912, 29/F., New Tech Plaza 34 Tai Yau Street San Po Kong Kowloon, Hong Kong +852 3997 3682 and can be reached via phone at +852 3997 3682 or on the web at https://www.primegagroup.com/.