BEIJING (dpa-AFX) - Happy City Holdings Limited (HCHL) announced that it has priced its initial public offering of 1.10 million Class A ordinary shares at a price of $5.00 per Class A Ordinary Share.
The Class A Ordinary Shares are expected to begin trading on the Nasdaq Capital Market on June 24, 2025 under the symbol HCHL. The Offering is expected to close on June 25, 2025.
The company expects to receive aggregate gross proceeds of US$5.5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 165,000 Class A Ordinary Shares of the Company, at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering.
Assuming that the Over-allotment Option is exercised, the company expects to receive gross proceeds of $6.325 million, before deducting underwriting discounts and commissions and estimated offering expenses.
The company plans to use the net proceeds for its business expansion in Hong Kong and Southeast Asia region and working capital and general corporate purposes.
Headquartered in HongKong, Happy City Holdings is a restaurant operator that operates three all-you-can-eathotpot restaurants in Hong Kong serving mixed style, Shabu Shabu-style and Thai-style specialty hotpot.
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