Intercont Limited, which provides maritime shipping and seaborn pulping services, lowered the proposed deal size for its upcoming IPO on Wednesday.
The Hong Kong-based company now plans to raise $15 million by offering 1.9 million shares at a price range of $7 to $9. The company had previously filed to offer 3.7 million shares at the same range. At the midpoint, Intercont Limited will raise 49% less in proceeds than previously anticipated.
Intercont operates a global maritime shipping business through a range of subsidiaries which are divided into two business segments: time chartering and vessel management services. Its fleet currently consists of one self-owned vessel and three leased vessels, with a total cargo carrying capacity of 217,191 dwt. Intercont plans to expand its operations by launching a seaborne pulping business through its Singapore subsidiary, Openwindow, by the 1Q25, utilizing both self-owned and leased factory ships.
Intercont Limited was founded in 2023 and booked $26 million in revenue for the 12 months ended June 30, 2024. It plans to list on the Nasdaq under the symbol NCT. Kingswood Capital Markets is the sole bookrunner on the deal.
