Junee, which provides interior design and fit-out services in Hong Kong, lowered the proposed share offering for its upcoming IPO on Friday. In its latest filing, the company also removed Univest Securities as a bookrunner.
The Hong Kong-based company now plans to raise $10 million by offering 2 million shares (100% primary) at a price range of $4 to $6. The company had previously filed to offer 5 million shares (71% primary) at the same range. At the midpoint, Junee will raise 60% less in proceeds than previously anticipated.
Through its subsidiary, OPS HK, the company provides interior design, fit-out, and maintenance services to both residential and commercial clients in Hong Kong. The company's design work is performed by in-house designers while the fit-out work and maintenance services are presently outsourced to subcontractors who are managed and supervised by OPS HK. For the six months ended December 31, 2022, OPS HK had 32 customers across office, residential, and commercial and retail properties.
Junee was founded in 1998 and booked $7 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol JUNE. Pacific Century Securities is the sole bookrunner on the deal.
