Prime Skyline, which provides building envelope solutions and services in Asia, lowered the proposed deal size for its upcoming IPO on Wednesday. In its latest filing, the company also disclosed financials for the year ended December 31, 2022.
The Singapore-based company now plans to raise $15 million by offering 2.5 million shares (27% secondary) at $6. The company had previously filed to offer 4.5 million shares (27% secondary) at $4. At the revised terms, Prime Skyline will raise 17% less in proceeds than previously anticipated.
Prime Skyline, through its subsidiary Prime Structures, provides integrated building envelope solutions and services to clients in Singapore and Sri Lanka. 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 $38 million in revenue for the 12 months ended December 31, 2022. It plans to list on the Nasdaq under the symbol PSE. Kingswood Capital Markets is the sole bookrunner on the deal.
