Majestic Ideal Holdings, which provides supply chain management services to apparel companies in China, revised the terms for its upcoming IPO on Thursday. In its latest filing, the company also replaced sole bookrunner Univest Securities with WestPark Capital.
The Hong Kong-based company now plans to raise $11 million by offering 2.5 million shares (100% primary) at a price range of $4 to $5. The company had previously filed to offer 3.8 million shares (67% primary) at the same range. Certain selling shareholders now plan to offer 3.3 million shares for sale via a separate resale prospectus. At the midpoint, Majestic Ideal Holdings' offering will raise 33% less in proceeds than previously anticipated.
Majestic Ideal provides supply chain management services in the apparel industry in China, with the company mainly handling yarn products and finished garments. The company offers a full suite of services in the apparel supply chain, including market trend analysis, product design and development, and raw material sourcing, among others, and its customers include brand owners, textile manufacturers, apparel sourcing agents, and online fashion and garment retailers.
Majestic Ideal Holdings was founded in 2013 and booked $15 million in sales for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol MJID. WestPark Capital is the sole bookrunner on the deal.
