Mega Fortune, which provides Internet of Things solutions and services to businesses in the APAC region, filed on Monday with the SEC to raise up to $17 million in an initial public offering.
The Hong Kong-based company plans to raise $17 million by offering 3.8 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Mega Fortune would command a market value of $62 million.
Through its operating subsidiary, the company specializes in delivering comprehensive Internet of Things (IoT) solutions and services across various industries, with a vision to become the preferred choice for IoT solutions for enterprises and projects in the APAC region. Its business service portfolio includes the provision of IoT Integration Solution Services, IoT Maintenance and Support services, Business Process Outsourcing (BPO) services, and trading sales.
Mega Fortune was founded in 2011 and booked $3 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol MGRT. The company filed confidentially on August 9, 2024. EF Hutton is the sole bookrunner on the deal.
