Global Engine Group Holding Ltd. (GLE) trimmed its small IPO to 2.0 million shares – down from 2.5 million shares – and priced the IPO at $4.00 – the low end of its $4.00-to-$5.00 range – to raise $8.0 million on Thursday night, Sept. 19, 2024. Global Engine Group’s stock opened at $5.15 – up $1.15 – at 12:25 p.m. EDT today – Friday, Sept. 20, 2024 – on the NASDAQ on volume of 81,471 shares, according to NASDAQ. Shares of Global Engine Group hit an intraday high at $5.24, bounced off a session low at $4.17, and traded at $4.27 at around 2:43 p.m. EDT today on volume of around 820,117 shares. Global Engine Group’s stock closed on Friday, Sept. 20, 2024, its first day of NASDAQ trading, at $4.18 – up 18 cents – on volume of 1,022,104 shares.
R.F. Lafferty & Co. was the sole book-runner.
Global Engine Group Holding Ltd. is the parent of a Hong Kong-based company that provides ICT solutions to telecom companies, IoT (Internet of Things) companies, and other corporate clients, according to the prospectus. ICT stands for information communications technologies. The company is incorporated in the British Virgin Islands.
This small IPO attracted some attention due to Global Engine Group’s profitability. For the year that ended June 30, 2023, Global Engine Group Holding Ltd. reported net income of $0.34 million on revenue of $5.7 million, according to financial statements in the prospectus.
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