Creative Global Technology Holdings, a Hong Kong-based seller of pre-owned consumer electronics, filed on Wednesday with the SEC to raise up to $18 million in an initial public offering.
The company plans to raise $18 million by offering 4 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Creative Global Technology Holdings would command a market value of $108 million.
Through subsidiary CGTHK, Creative Global Technology sells pre-owned consumer electronics, primarily smartphones, tablets, and laptops, to wholesalers in Southeast Asia. The company sources products from suppliers in the US, Japan, and some other developed countries. It does not enter into agreements with its clients or place orders with suppliers unless it has secured sufficient goods meeting the requirements. The company fulfilled approximately 132 orders in the 1H FY23 (+181% y/y), and it has been exploring new business opportunities, including retailing and leasing recycled consumer electronics.
Creative Global Technology Holdings was founded in 2016 and booked $45 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol CGTH. The company filed confidentially on April 21, 2023. Revere Securities is the sole bookrunner on the deal.
