Alpha Technology Group, which provides software development and other services in Hong Kong, filed on Monday with the SEC to raise up to $8 million in an initial public offering.
The Hong Kong-based company plans to raise $8 million by offering 1.8 million shares at a price range of $4 to $5. At the midpoint of the proposed range, Alpha Technology Group would command a market value of $68 million.
Concurrently, existing shareholders have registered 2 million shares for sale via a separate resale prospectus.
Through its operating subsidiaries, the company provides cloud-based IT services in Hong Kong, including system development services, web and mobile application development services, AI powered optical character recognition services, and technological support, maintenance, and other services. The company also started providing NFT-related services in 2022. Alpha Technology Group has primarily generated revenue from its system development services business, which is mainly focused on the development of cloud-based customer relation management and enterprise resource planning systems on a project-by-project basis.
Alpha Technology Group was founded in 2017 and booked $1 million in revenue for the 12 months ended March 31, 2023. It plans to list on the Nasdaq under the symbol ATGL. The company filed confidentially on March 24, 2023. Prime Number Capital is the sole bookrunner on the deal.
