Hong Kong garment supplier Majestic Ideal files for $11M US IPO (MJID)
Hong Kong-based Majestic Ideal Holdings (MJID), a provider of supply chain management services for the apparel industry, has filed to raise around $11M through a US initial public offering.
Majestic said in a filing that it is looking to offer 2.5M shares priced between $4 and $5, which would raise approximately $11M if priced at the midpoint.
The company hopes to list its shares on Nasdaq under the symbol MJID. Univest Securities is serving as lead bookrunner.
A selling shareholder intends to offer 1.25M additional shares. The company would not see any proceeds from that sale.
Incorporated in the Cayman Islands, Majestic operates through subsidiaries in China. The company specializes in yarn products and finished garments for the apparel sector.
Majestic has been profitable. For the fiscal year ended Sept. 30, 2022, the company reported net income of $1M on revenue of $16M, according to its filing.
Last summer, Chinese garment company Addentax (ATXG) saw its shares rocket nearly 9,000% following a Nasdaq uplisting and $25M offering.