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Global Engine Group (GLE) reported financial results for fiscal year 2024, showing a 10.7% revenue increase to HKD49.5 million (US$6.3 million). The growth was primarily driven by cloud and data center managed services in Malaysia and Taiwan, which saw a 75.5% increase. However, telecommunications services revenue declined 61.9%. Gross profit decreased slightly by 0.8% to HKD7.3 million, with margin declining to 14.8%. Net income decreased 2.6% to HKD2.6 million. The company recently completed its IPO, raising total gross proceeds of US$9.2 million including the full exercise of the over-allotment option.
Global Engine Group Holding (GLE), a Hong Kong-based integrated solutions provider in information communication technologies (ICT), has announced the closing of its underwriter's over-allotment option in connection with its initial public offering (IPO). The company sold an additional 300,000 ordinary shares at the IPO price of $4 per share, raising gross proceeds of $1,200,000. This is in addition to the previously announced IPO gross proceeds of $8,000,000.
The total gross proceeds from the offering, including the over-allotment, amount to $9,200,000 before deducting underwriting discounts and offering expenses. R.F. Lafferty & Co., Inc. acted as the sole underwriter for the offering, which was conducted on a firm commitment basis. The company's registration statement on Form F-1 was declared effective by the SEC on September 16, 2024.
Global Engine Group Holding (GLE), an integrated ICT solutions provider based in Hong Kong, has successfully closed its initial public offering on September 23, 2024. The company raised $8 million by offering 2,000,000 ordinary shares at $4.00 per share. Trading of GLE shares began on the Nasdaq Capital Market on September 20, 2024, under the ticker symbol 'GLE'.
The underwriters have a 45-day option to purchase up to 300,000 additional shares to cover overallotments. R.F. Lafferty & Co., Inc. acted as the sole underwriter for the firm commitment offering. GLE plans to use the proceeds equally (25% each) for brand promotion and marketing, recruitment, strategic investments and acquisitions, and general working capital.
Global Engine Group Holding (GLE), an integrated ICT solutions provider based in Hong Kong, has announced the pricing of its initial public offering. The company is offering 2,000,000 ordinary shares at $4.00 per share, aiming to raise $8,000,000 in gross proceeds. GLE's shares are set to begin trading on the Nasdaq Capital Market on September 20, 2024, under the ticker symbol 'GLE'.
The underwriters have a 45-day option to purchase up to 300,000 additional shares to cover over-allotments. R.F. Lafferty & Co., Inc. is acting as the sole underwriter for this firm commitment offering, which is expected to close on September 23, 2024. GLE plans to use the proceeds for brand promotion and marketing (25%), recruitment (25%), strategic investments and acquisitions (25%), and general working capital (25%).
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