Millennium Group International Holdings, a Hong Kong-based producer of paper packaging, lowered the proposed deal size for its upcoming IPO on Wednesday.
The company now plans to raise $5 million by offering 1.3 million shares at $4. The company had most recently filed to offer 2 million shares at the same price. At the revised terms, Millennium Group International Holdings will raise 38% less in proceeds than previously anticipated.
Because the company is expected to have a post-IPO market cap of less than $50 million, Millennium Group will be excluded from Renaissance Capital's 2023 IPO stats.
Founded in 1978, Millennium Group operates in China and Vietnam, with two production facilities in Guangdong, China, and a supply chain services unit in Vietnam. The company engages in the production of paper-based inner packaging boxes and outer packaging boxes made of corrugated paperboards. The company's customers are primarily located in East Asia and Southeast Asia.
Millennium Group International Holdings was founded in 1978 and booked $66 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol MGIH. Revere Securities and R.F. Lafferty & Co. are the joint bookrunners on the deal.
