mF International, a Hong Kong-based trading platform provider, lowered the proposed deal size for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Spartan Capital with Joseph Stone Capital.
The company now plans to raise $8 million by offering 1.8 million shares (12% secondary) at a price range of $4 to $5. The company had previously filed to offer 1.9 million shares (12% secondary) at the same range. At the midpoint, mF International will raise 5% less in proceeds than previously anticipated.
Operating through three Hong Kong subsidiaries, principally m-FINANCE, mF International develops and provides financial trading solutions to customers via internet or SaaS platform. The company states that m-FINANCE's trading platform currently handles a monthly average transaction value of more than $100 billion. Substantially all of the company's operations are conducted in Hong Kong.
mF International was founded in 2002 and booked $4 million in revenue for the 12 months ended June 30, 2023. It plans to list on the Nasdaq under the symbol MFI. Joseph Stone Capital is the sole bookrunner on the deal.
