Raytech Holding, which sources and wholesales personal care electrical appliances, lowered the proposed deal size for its upcoming IPO on Thursday.
The Hong Kong-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. The company had previously filed to offer 3 million shares at the same range. At the midpoint, Raytech Holding will raise 17% less in proceeds than previously anticipated.
Operating through subsidiary Pure Beauty, the company sources and wholesales personal care electrical appliances for international brand owners. Products it covers include hair styling appliances, trimmers, and eyelash curlers, among others, though it specializes in sourcing and wholesaling hair dryers. The company also provides value-added services including product design and development collaboration. The majority of Raytech's customers are international brand owners who predominantly market their personal care electrical appliances in Japan.
Raytech Holding was founded in 2013 and booked $8 million in sales for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol RAY. Revere Securities is the sole bookrunner on the deal.
