Maison Solutions, a US specialty grocer offering traditional Asian food and merchandise, raised the proposed deal size for its upcoming IPO on Friday.
The Monterey Park, CA-based company now plans to raise $15 million by offering 3.8 million shares at $4. The company had previously filed to offer 3 million shares at the same price. At the revised terms, Maison Solutions will raise 25% more in proceeds than previously anticipated.
The company has acquired equity interests in four traditional Asian supermarkets in Los Angeles, CA, which it now operates as center retail stores with extra storage capacity to distribute to satellite locations. Its merchandise includes fresh and unique produce, meats, seafood and other groceries that are not found in mainstream supermarkets, including a variety of Asian vegetables and fruits such as Chinese broccoli, Shanghai baby bok choy, longan and lychee; a variety of live seafood such as shrimp, clams, lobster, and Alaska king crab; and Chinese specialty groceries like soy sauce, oyster sauce, Sriracha, tofu, noodles, and dried fish.
Maison Solutions was founded in 2019 and booked $52 million in revenue for the 12 months ended January 31, 2023. It plans to list on the Nasdaq under the symbol MSS. Joseph Stone Capital is the sole bookrunner on the deal.
