OneConstruction Group Limited (ONEG) priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 price range – on 1.75 million shares – the number of shares in the prospectus – and raised $7.0 million on Monday night, Dec. 30, 2024. Shares of OneConstruction Group opened flat at $4.00 – the same as their IPO price – at 11:35 a.m. EST today – Tuesday, Dec. 31, 2024 – on the NASDAQ on volume of 580,061 shares, according to NASDAQ.
American Trust Investment Services and WestPark Capital were the joint book-runners.
OneConstruction Group Limited, through its operating subsidiary, is a structural steelwork contractor in Hong Kong. Since its establishment in 2021, the operating subsidiary has been undertaking structural steelwork projects in the role of subcontractor. It has conducted all of its business activities in Hong Kong, where all of its clients and suppliers are located.
For the fiscal years that ended March 31, 2023, and March 31, 2024, most of OneConstruction Group Limited’s revenue came from public sector projects, according to the prospectus.
Financial statements in the prospectus show that OneConstruction Group Limited is profitable. For the fiscal year that ended March 31, 2024, OneConstructionGroup Limited reported net income of $1.8 million on revenue of $63.46 million.
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