HTL Capital, an India-based distributor of upholstered furniture, revised the terms for its upcoming IPO on Friday. In its latest filing, the company also replaced sole bookrunner Kingswood Capital Markets with Tiger Brokers and disclosed financials for the six months ended June 30, 2024.
The Bengaluru, India-based company now plans to raise $19 million by offering 3.8 million shares at a price range of $4 to $6. The company had previously filed to offer the same number of shares at $4. At the midpoint of the range, HTL Capital will raise 25% more in proceeds than previously anticipated.
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.
HTL Capital was founded in 1976 and booked $10 million in sales for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol NCG. Tiger Brokers is the sole bookrunner on the deal.
