Vittoria, a Hong Kong-based provider of financial advisory and listing sponsorship services, raised the proposed deal size for its upcoming IPO on Tuesday.
The Hong Kong, China-based company now plans to raise $10 million by offering 2.3 million shares at a price range of $4 to $5. The company had previously filed to offer 1.8 million shares at the same range. At the midpoint of the revised range, Vittoria will raise 29% more in proceeds than previously anticipated and command a market value of $72.0 million.
The company was previously expected to be excluded from Renaissance Capital's IPO stats having had a proposed post-IPO market cap of less than $50 million, but will now be included.
Through its wholly-owned subsidiary Red Solar, the company provides financial and compliance advisory services, and listing sponsorship and securities related services, the former of which generated all of its revenue in the year ended June 30, 2024. The company states that it actively participates in Hong Kong's equity capital market, and its clients include both private and listed companies based in Hong Kong and Mainland China, as well as countries in Southeast Asia. The market caps of its listed clients range from approximately HK$100 million to over HK$20 billion (~$13 million to ~$2.6 billion).
Vittoria was founded in 2017 and booked $1 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol VTA. Joseph Stone Capital is the sole bookrunner on the deal.
