Top Wealth Group Holding, a Hong Kong-based supplier of luxury caviar products, filed on Tuesday with the SEC to raise up to $10 million in an initial public offering.
The company plans to raise $10 million by offering 2 million shares at a price range of $4 to $6. At the midpoint of the proposed range, Top Wealth Group Holding would command a market value of $145 million.
Top Wealth Group is a supplier of luxury caviar products, currently specializing in premium class sturgeon caviar. The company has an exclusive supply agreement with Fujian Aoxuanlaisi Biotechnology, the agent and sole distributor of a well-established sturgeon farm in Fujian, China. Serving primarily food and beverage related distributors, Top Wealth offers private label and unlabeled caviar products, as well as its own brand, "Imperial Cristal Caviar," which was established in late 2021. Its caviar products are mainly sold to customers based in Hong Kong, which export a substantial portion overseas.
Top Wealth Group Holding was founded in 2009 and booked $12 million in sales for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol TWG. The company filed confidentially on May 17, 2023. Pacific Century Securities and Revere Securities are the joint bookrunners on the deal.
