HTL Capital, an India-based distributor of upholstered furniture, filed on Monday with the SEC to raise up to $15 million in an initial public offering.
The Bengaluru, India-based company plans to raise $15 million by offering 3.8 million shares at a price of $4. At $4, HTL Capital would command a market value of $68 million, and an enterprise value of $58 million.
During the fiscal year ended 12/31/2023, revenue increased to $6 million from $4 thousand in 2022. Gross margin contracted 40 percentage points to 15%. Adjusted EBITDA loss narrowed to -$0.4 million (-7% margin).
HTL Capital is led by the same brothers who founded related-party HomesToLife (ticker: HTLM), which filed for a US IPO on August 22, 2024. The company is engaged in the sale and distribution of upholstered furniture in India under the Comicil, Fabbrica, Corium Italia, Relax Studio by HTL, and HomesToLife brands, as well as customers' owned brands. It sells to furniture retail partners, dealers, and through its own HomesToLife retail stores.
The Bengaluru, India-based company was founded in 2021 and booked $6 million in sales for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol NCG. Kingswood Capital Markets is the sole bookrunner on the deal. No pricing terms were disclosed.
