Ming Shing Group Holdings (MSW),a plastering and wet trades works services provider in Hong Kong, priced its micro-cap IPO at $5.50 – the low end of its range – on Thursday night, Nov. 21, 2024. Ming Shing Group priced 1.5 million shares – the number of shares in the prospectus – at $5.50 per share to raise $8.25 million on Thursday night, Nov. 21, 2024. At pricing, Ming Shing Group had a market cap of $70.13 million.
Shares of Ming Shing Group opened at $5.65 – up 65 cents – at noon EST on Friday, Nov. 22, 2024, on NASDAQ. on volume of 84,280 shares. At Friday’s close, Ming Shing Group’s stock was at $5.69 – up just 9 cents or 1.64 percent – on volume of 658,008 shares on its first day of NASDAQ trading. Ming Shing Group shares touched an intraday high of $5.98 and a session low of $5.09.
Alexander Capital and Revere Securities served as the joint book-runners.
In addition to plastering,Ming Shing Group is involved in tile laying, brick laying, floor screeding and marble work, according to the prospectus.
The company, founded in 2012, is profitable. For the year that ended March 31, 2024, Ming Shing Group Holdings reported net income of $2.33 million on revenue of $27.57 million, according to financial statements in the prospectus.
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