SU Group Holdings, which provides security-related engineering services in Hong Kong, filed on Wednesday with the SEC to raise up to $6 million in an initial public offering.
The Hong Kong-based company plans to raise $6 million by offering 1.3 million shares at a price range of $4 to $5. At the midpoint of the proposed range, SU Group Holdings would command a market value of $60 million.
SU Group provides security-related engineering services through subsidiary Shine Union, as well as security guarding and screening services and related vocational training services through subsidiary Fortune Jet, which it acquired in 2019. Shine Union offers turnkey services to the existing infrastructure or planned development of its customers through the design, supply, installation, and maintenance of security systems. With respect to its security-related engineering services, the company has had business relationships with over 300 customers, some of which have lasted 10+ years.
SU Group Holdings was founded in 1998 and booked $21 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol SUGP. The company filed confidentially on May 16, 2023. The Benchmark Company is the sole bookrunner on the deal.
