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Mega Fortune Closes $15 Million IPO on Nasdaq Capital Market
ByAinvest
Thursday, Jul 17, 2025 4:31 pm ET1min read
Mega Fortune Company Limited, an IoT solution provider in Hong Kong, has closed its initial public offering (IPO) of 3,750,000 ordinary shares at $4.00 per share, raising $15 million in gross proceeds. The shares began trading on the Nasdaq Capital Market under the ticker symbol "MGRT". D. Boral Capital LLC acted as the sole book-running manager for the IPO.
Mega Fortune Company Limited, a Hong Kong-based provider of IoT solutions and services, has successfully completed its initial public offering (IPO). The company sold 3,750,000 ordinary shares at $4.00 per share, raising $15 million in gross proceeds. The shares began trading on the Nasdaq Capital Market under the ticker symbol "MGRT" on July 16, 2025 [1].D. Boral Capital LLC acted as the sole book-running manager for the IPO. The company's IPO was priced at the low end of its $4.00-to-$5.00 range, indicating a cautious approach to market conditions. Mega Fortune's net income for the 12 months ended September 30, 2024, was $0.4 million on revenue of $3.33 million [1].
On its first day of trading, Mega Fortune's stock opened at $3.99, down 1 penny from the IPO price, and closed at $3.81, down 19 cents or 4.75 percent from its IPO price. The stock traded between a session low of $3.99 and a session high of $4.00 on NASDAQ volume of about 1.6 million shares [1].
Mega Fortune is the parent of QBS System Limited, which provides IoT solutions and services to companies in the retail, entertainment, manufacturing logistics, and transportation sectors. The company is incorporated in the Cayman Islands.
The IPO comes amidst a surge in Hong Kong's equity fundraising, driven by secondary listings by companies based in mainland China. In the first half of 2025, Hong Kong hosted 210 IPOs and follow-on offerings, raising $49.2 billion, more than eightfold the amount raised in the same period in 2024 [2]. The trend is expected to continue, with more mainland Chinese companies seeking to list in Hong Kong to gain overseas profiles and raise fresh funds.
References:
[1] https://www.iposcoop.com/the-ipo-buzz-hong-kongs-k-tech-solutions-mega-fortune-each-price-at-4/
[2] https://seekingalpha.com/article/4801263-mainland-china-heavyweights-lift-hong-kong-top-ipo-destination
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