Majestic Ideal Holdings, which provides supply chain management services to apparel companies in China, withdrew its plans for an initial public offering on Friday. It had originally filed in April 2023 to raise $17 million by offering 3.8 million (67% insider) shares at $4 to $5, before removing insider buying and downsizing the deal in November to raise $11 million by offering 2.5 million shares at the same range.
The Hong Kong, China-based company was founded in 2013 and booked $12 million in sales for the 12 months ended September 30, 2023. It had planned to list on the Nasdaq under the symbol MJID. R.F. Lafferty & Co. and WestPark Capital were set to be the joint bookrunners on the deal.
