OneConstruction Group, a structural steel construction company based in Hong Kong, filed on Wednesday with the SEC to raise up to $9 million in an initial public offering.
The company plans to raise $9 million by offering 1.8 million shares at a price range of $4 to $6. At the midpoint of the proposed range, OneConstruction Group would command a market value of $65 million.
OneConstruction is a structural steelwork contractor in Hong Kong, focusing on the procurement and installation of structural steel for construction projects. Established in 2021, the company functions as a subcontractor, providing services for both public and private sector projects. As of March 31, 2024, it is engaged in one completed and 12 active projects, contributing to the development of 21,024 public residential units, which represent 29% of the forecasted public residential units in Hong Kong from 2024 to 2026.
The Hong Kong-based company was founded in 2021 and booked $63 million in revenue for the 12 months ended March 31, 2024. It plans to list on the Nasdaq under the symbol ONEG. American Trust Investment Services and WestPark Capital are the joint bookrunners on the deal.
