Prime Skyline, which provides building envelope solutions and services in Asia, filed on Tuesday with the SEC to raise up to $15 million in an initial public offering.
The Singapore-based company plans to raise $15 million by offering 3.8 million shares (27% secondary) at $4. At the proposed price, Prime Skyline would command a market value of $50 million. If the company prices at a market cap below $50 million, Prime Skyline will be excluded from Renaissance Capital's IPO stats.
Prime Skyline, through its subsidiary Prime Structures, provides integrated building envelope solutions and services to clients predominantly in Asia, including Singapore, Sri Lanka, Myanmar, the Philippines, and Brunei. The building envelope is the physical separator or interface between the interior and exterior environments of a building. The company targets niche building envelope projects that require customized and/or complex structures, including integrated resorts, offices, industrial buildings, shopping malls, and condominiums.
Prime Skyline was founded in 1995 and booked $25 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol PSE. ViewTrade is the sole bookrunner on the deal.
