Brilliance Group, a Singapore-based steel fabricator specializing in structural steel and metal works, increased the shares offered and narrowed the price range for its upcoming IPO on Tuesday.
The Singapore-based company now plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $4.50. The company had previously filed to offer 2.4 million shares at a range of $4 to $5. At the midpoint of the revised range, Brilliance Group will raise -2% less in proceeds than previously anticipated and command a market cap of $85 million.
Operating primarily through subsidiary KHIW, the company is a steel fabricator in Singapore specializing in structural steel and metal works. The company procures raw steel material from suppliers, designs and fabricates its steel products in-house, and installs the finished products. Brilliance Group currently has 21 projects with aggregate contract sums of approximately $34 million.
Brilliance Group was founded in 1965 and booked $38 million in revenue for the 12 months ended July 31, 2023. It plans to list on the Nasdaq under the symbol KHIW. Network 1 Financial Securities is the sole bookrunner on the deal.
