Reitar Logtech Holdings, which provides design and other services to the logistics industry in Hong Kong, lowered the proposed deal size for its upcoming IPO on Tuesday. In its latest filing, the company also replaced its sole bookrunner Univest Securities with Cathay Securities.
The Hong Kong-based company now plans to raise $10 million by offering 2.1 million shares at a price range of $4 to $5. The company had previously filed to offer 2.5 million shares at the same range. At the midpoint, Reitar Logtech Holdings will raise 15% less in proceeds than previously anticipated. The proposed IPO float is just 3.4% of basic shares outstanding.
Reitar Logtech's business primarily consists of two segments: asset management and professional consultancy services, and construction management and engineering design services. For logistics operators, the company provides one-stop logistics solutions whereby it procures capital partners to invest in logistics property development and redevelopment projects, and provides support for customers in their bidding for projects, among other services. For capital partners investing in its projects, the company provides comprehensive asset management and project management services.
Reitar Logtech Holdings was founded in 2015 and booked $14 million in revenue for the 12 months ended September 30, 2023. It plans to list on the Nasdaq under the symbol RITR. Cathay Securities is the sole bookrunner on the deal.
