Prime Skyline, which provides building envelope solutions and services in Asia, lowered the proposed deal size for its upcoming IPO on Thursday.
The Singapore-based company now plans to raise $18 million by offering 4.5 million shares (27% secondary) at $4. The company had most recently filed to offer 6.3 million shares (27% secondary) at the same price. At the revised terms, Prime Skyline will raise 28% less in proceeds than previously anticipated.
Prime Skyline, through its subsidiary Prime Structures, provides integrated building envelope solutions and services to clients predominantly in Asia, including Singapore, Sri Lanka, 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 $30 million in revenue for the 12 months ended June 30, 2022. It plans to list on the Nasdaq under the symbol PSE. EF Hutton is the sole bookrunner on the deal.
