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Hong Kong IoT company Mega Fortune (MGRT.US) IPO priced at US$4-5/share, raising US$17mn

Market IntelTuesday, Nov 5, 2024 2:30 am ET
1min read
BPOP -- IOT --

Mega Fortune (MGRT.US), a provider of IoT solutions for businesses in the Asia-Pacific region, filed a preliminary prospectus with the Securities and Exchange Commission (SEC) on Monday to go public, planning to issue 3.8 million shares at a price range of $4 to $5 per share, raising $17 million. At the midpoint of the proposed range, Mega Fortune would be valued at $62 million.

The company focuses on providing comprehensive IoT solutions and services for various industries through its operating subsidiary QBS system, with the vision of becoming the preferred IoT solutions provider for enterprises and projects in the Asia-Pacific region. Its business service portfolio includes providing IoT integration solutions services, IoT maintenance and support services, business process outsourcing (BPO) services, and trade sales.

Founded in 2011 and headquartered in Hong Kong, Mega Fortune had 12-month revenue of $3 million as of March 31, 2024. The company plans to list on the Nasdaq under the ticker MGRT. It confidentially filed on August 9, 2024. EF Hutton is the sole bookrunner for the transaction.

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