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Hong Kong construction contractor SKBL (US) sets IPO price at $4/share, plans to raise up to $6M

Market IntelMonday, Oct 21, 2024 3:30 am ET

1min read

Hong Kong construction contractor Kin Chiu Engineering's Skyline Builders Group Holding (SKBL.US) filed a preliminary prospectus with the U.S. Securities and Exchange Commission (SEC) on Friday to raise up to $6 million in an initial public offering (IPO). The Hong Kong-based company plans to issue 1.5 million shares at $4 each, raising $6 million. At the proposed price, the company would have a market capitalization of $120 million.

The company operates a single business as a licensed public works contractor through its subsidiary Kin Chiu Engineering, primarily constructing roads and drainage systems for Hong Kong clients. It mainly performs civil engineering work as a subcontractor, but is fully qualified to act as a general contractor.

Skyline Builders Group Holding was founded in 2012 and had revenue of $49 million in the 12 months ended March 31, 2024. The company plans to list on the Nasdaq under the ticker SKBL, having confidentially filed on August 9, 2024. Pacific Century Securities is the sole bookrunner for the transaction.

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