Majestic Ideal Holdings Ltd., a provider of supply chain management (SCM) services, aims to raise around US $ 17 million through a US public offering this year.
“Our service offerings encompass every key aspect of the supply chain of these products: market trend analysis, product design and development, raw material sourcing, product and quality control, and logistics management,” Majestic said in a regulatory filing with the Securities and Exchange Commission (SEC).
At a price of US $ 4.5 per share, 3.75 million shares will be made available in the IPO, bringing in around US $ 17 million. The shares are made up of 1.25 million shares from a selling shareholder in addition to 2.5 million common shares.
The company anticipates using US $ 9.4 million of the US $ 11.25 million net proceeds from the sale of 2.5 million ordinary shares to purchase raw materials, increase marketing efforts to attract new clients, improve efficiency and coordination with suppliers and logistics service providers, investigate sustainable raw materials, and maintain business operations.
Majestic declared a net profit of US $ 1 million for the fiscal year that ended on 30th September 2022, on revenues of US $ 16.10 million, of which US $ 15.3 million came from the sale of yarns and US $ 780,944 from the selling of finished clothing. Sales of finished goods made up the remainder of the firm, with yarn sales accounting for 95,2 percent.
