Hong Kong's Mega Fortune Company Raises $15M in IPO, Lists on Nasdaq at $4 per Share

Mega Fortune Company has priced its $15M IPO at $4 per share. The offering consists of 3.75M ordinary shares, which have been approved for listing on The Nasdaq Capital Market and are expected to start trading shortly.

Title: Mega Fortune Company Prices $15M IPO at $4 per Share

Mega Fortune Company Limited, a Hong Kong-based Internet of Things (IoT) solution provider, has priced its initial public offering (IPO) at $4 per share, raising $15 million in gross proceeds. The company is offering 3,750,000 ordinary shares, which have been approved for listing on The Nasdaq Capital Market and are expected to start trading on July 16, 2025, under the ticker symbol "MGRT" [1].

The IPO includes a 45-day option for the underwriter, D. Boral Capital LLC, to purchase up to an additional 562,500 ordinary shares at the public offering price. This could potentially increase proceeds by approximately $2.25 million if fully exercised. The offering is being conducted on a firm commitment basis, with D. Boral Capital serving as the sole book-running manager. FisherBroyles, LLP is acting as U.S. securities counsel to the Company, and JunHe Law Offices LLC is acting as U.S. counsel to D. Boral Capital LLC [1].

The $15 million raise represents a relatively modest IPO by current market standards, positioning MGRT in the micro-cap segment. The conservative valuation approach suggests either current investor sentiment toward IoT companies or specific financial metrics and growth trajectory of Mega Fortune. Investors will need to evaluate the company's fundamentals through its SEC filings before determining whether the $4.00 entry point represents appropriate value [1].

Mega Fortune Company Limited, through its operating subsidiary QBS System Limited, specializes in delivering comprehensive IoT solutions and services across various industries. Its business service portfolio includes IoT Integration Solution Services, IoT Maintenance and Support services, Business Process Outsourcing (BPO) services, and trading sales. The company's vision is to become the preferred choice for IoT solutions for enterprises and projects in the Asia-Pacific region [1].

The IPO comes amidst a busy calendar for SPACs, with several other notable offerings scheduled for the same period, including Silver Pegasus Acquisition Corp. and Grande Group [2].

References:
[1] https://www.stocktitan.net/news/MGRT/mega-fortune-company-limited-announces-pricing-of-15-million-initial-b1koou8tyhfo.html
[2] https://www.iposcoop.com/ipo-calendar/