Reply To: Traders Market Weekly: Inflation and Bear Market Rallies

#41349
TradersCom
Keymaster

Hong Kong-based Magic Empire Global $20 million US IPO MEGL Due to Today Thursday

Hong Kong-based Magic Empire Global sets proposed price at $4 ahead of $20 million US IPO
June 23, 2022
MEGL
Magic Empire Global, a Hong Kong-based provider of financial advisory and underwriting services, narrowed the proposed price range for its upcoming IPO on Thursday.

The company now plans to raise $20 million by offering 5 million shares at a price of $4. The company had previously filed to offer the same number of shares at a range of $4 to $5. At the proposed price, Magic Empire Global will raise 11% less in proceeds than previously anticipated and command a market cap of $80 million.

Doing business as Giraffe Capital, Magic Empire Global principally engages in the provision of corporate finance advisory services and underwriting services. The company’s offerings include IPO sponsorship services, financial advisory services, compliance advisory services, and underwriting services. For the years ended December 31, 2021 and 2020, Magic Empire engaged in 6 IPO sponsorship projects, 31 financial advisory projects, 24 compliance advisory projects, and 3 underwriting projects.

Primary shareholders include co-founder and Chairman Wai Ho Chan (37% post-IPO stake), and CEO and Director Johnson Chen (27%).

Magic Empire Global was founded in 2016 and booked $2 million in revenue for the 12 months ended December 31, 2021. It plans to list on the Nasdaq under the symbol MEGL. Network 1 Financial Securities is the sole bookrunner on the deal.