Creative Global Technology Holdings, a Hong Kong-based seller of pre-owned consumer electronics, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Revere Securities with Prime Number Capital.
The company now plans to raise $9 million by offering 2 million shares at a price range of $4 to $5. The company had previously filed to offer 4 million shares at the same range. At the midpoint, Creative Global Technology Holdings will raise 50% less in proceeds than previously anticipated.
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.
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. Prime Number Capital is the sole bookrunner on the deal.
