BrilliA Inc Announces Pricing of Initial Public Offering

Rhea-AI Summary

BrilliA Inc (BRIA) has announced the pricing of its initial public offering, offering 2,500,000 Class A Ordinary Shares at $4.00 per share. The company expects to raise approximately $10 million in gross proceeds before deducting underwriting costs. BRIA has granted underwriters a 45-day option to purchase up to 375,000 additional shares. Trading is set to commence on NYSE American under ticker BRIA on November 27, 2024, with the offering expected to close on November 29, 2024. A.G.P./Alliance Global Partners is serving as the sole Book-Running manager for this firm commitment offering.

Positive

• Expected gross proceeds of $10 million from the IPO
• Listing on NYSE American exchange provides increased visibility and access to capital markets
• Firm commitment offering structure provides certainty of capital raise

Negative

• Potential dilution for existing shareholders
• Additional 375,000 shares could be issued through overallotment option, causing further dilution
• Small offering size of $10 million may limit operational expansion capabilities

Insights

Financial Analyst

The IPO pricing announcement for BrilliA Inc represents a modest market entry with $10 million in potential gross proceeds from 2.5 million shares priced at $4.00 per share. The pricing level suggests a conservative valuation strategy, typical for smaller-cap companies entering the public markets. The firm commitment basis from A.G.P. as sole book-runner provides some stability to the offering.

The additional 15% overallotment option (375,000 shares) could bring in an extra $1.5 million if exercised, though this will depend on initial trading performance. The NYSE American listing choice, rather than the main NYSE board, aligns with the company's size and stage. The tight timeline between trading commencement and closing indicates strong institutional interest and completed book-building.

SINGAPORE, Nov. 26, 2024 (GLOBE NEWSWIRE) -- BrilliA Inc (“BRIA” or “the Company”) today announced the pricing of its initial public offering of an aggregate of 2,500,000 shares of its Class A Ordinary Shares (“the Offering”), all of which are being offered by BRIA at a public offering price of $4.00 per share.

In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 375,000 shares of its Class A Ordinary Shares at the initial public offering price (“the Overallotment”), less underwriting discounts and commissions. The gross proceeds to BRIA from the Offering (assuming that the Overallotment is not exercised), before deducting underwriting discounts and commissions and estimated offering expenses payable by BRIA, is expected to be approximately $10,000,000.

The shares are expected to begin trading on the NYSE American under the ticker symbol “BRIA” on November 27, 2024. The Offering is expected to close on November 29, 2024, subject to customary closing conditions.

The offering is conducted on a firm commitment basis. A.G.P./Alliance Global Partners (“A.G.P.”) is the sole Book-Running manager for the offering. Mourant Ozannes LLP is acting as Cayman Islands and British Virgin Islands legal counsel and Ortoli Rosenstadt LLP is acting as U.S. legal counsel, respectively, to the Company, and Lewis Brisbois Bisgaard & Smith LLP is acting as U.S. legal counsel to A.G.P. for the Offering.

The Offering is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-282056) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on November, 19 2024. The Offering is being made only by means of a prospectus. Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. You may get these documents for free by visiting EDGAR on the SEC’s Website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28^th Floor, New York, NY 10022, by phone at +1 (212) 624-2060, or by email at prospecuts@allianceg.com.

This press release has been prepared for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, and no sale of these securities may be made in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Certain statements in this press release are “forward-looking statements” as defined under the federal securities laws, including, but not limited to, the Company’s expectations regarding the completion, timing and size of the proposed Offering and statements regarding the use of proceeds from the sale of the Company’s shares in the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “aim” and “anticipate”, or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

About BrilliA Inc

BrilliA has evolved from an Original Design Manufacturer into a comprehensive one-stop service cross-border solution provider for ladies' intimate apparel brands, managing sales and customer relationships with major clients like Fruit of the Loom, Hanes Brands Inc and H&M, with the expertise in handling sourcing, design, prototyping, supply chain to logistic management as well as quality control of products manufactured by independent third party manufacturing facilities for their customers worldwide.

For further information, please contact:

BrilliA Inc Contact:
220 Orchard Road, Unit 05-01, Midpoint Orchard
Singapore 238852
(+65) 6235 3388
Email: info@brilliaincorporated.com

Underwriter Inquiries:
A.G.P./Alliance Global Partners
590 Madison Avenue, 28^th Floor
New York, NY 10022
Email: prospectus@allianceg.com

Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5^th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com

FAQ

What is the IPO price for BrilliA Inc (BRIA) shares?

BrilliA Inc (BRIA) has priced its IPO at $4.00 per share.

How many shares is BRIA offering in its IPO?

BRIA is offering 2,500,000 Class A Ordinary Shares, with an additional 375,000 shares available through an overallotment option.

When will BRIA stock begin trading on NYSE American?

BRIA stock is expected to begin trading on NYSE American on November 27, 2024.

How much money will BRIA raise from its IPO?

BRIA expects to raise approximately $10 million in gross proceeds, before deducting underwriting costs and expenses.