mF International, a Hong Kong-based trading platform provider, lowered the proposed share offering for its upcoming IPO on Tuesday.
The company now plans to raise $7 million by offering 1.6 million shares at a price range of $4 to $5. The company had previously filed to offer 1.8 million shares at the same range. At the revised deal size, mF International will raise -12% less in proceeds than previously anticipated and command a fully diluted market value of $59 million.
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, with just 4% of its total revenue in 2022 coming from clients in mainland China.
mF International was founded in 2002 and booked $4 million in sales 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.
