Majestic Ideal Holdings, which provides supply chain management services to apparel companies in China, refiled on Friday with the SEC to raise up to $11 million in an initial public offering. It also updated financials for the fiscal 1H24 and replaced lead underwriter R.F. Lafferty with Craft Capital Management. Earlier today, the company withdrew its previous IPO filing.
The Hong Kong, China-based company plans to raise $11 million by offering 2.5 million shares at a price range of $4 to $5. Its previously withdrawn filing had been revised down to the same terms. At the midpoint of the proposed range, Majestic Ideal Holdings would command a fully diluted market value of $92.3 million.
Majestic Ideal provides supply chain management services in the apparel industry in China, with the company mainly handling yarn products and finished garments. The company offers a full suite of services in the apparel supply chain, including market trend analysis, product design and development, and raw material sourcing, among others, and its customers include brand owners, textile manufacturers, apparel sourcing agents, and online fashion and garment retailers. All of the company's revenue was generated in China in the FY23, and its top five customers accounted for 81% of total revenue.
The Hong Kong, China-based company was founded in 2013 and booked $14 million in sales for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol MJID. Majestic Ideal Holdings filed confidentially on December 21, 2021. Craft Capital Management and WestPark Capital are the joint bookrunners on the deal.
