Intercont (Cayman) Limited Announces Closing of Its Initial Public Offering

Rhea-AI Summary

Intercont has successfully completed its Initial Public Offering (IPO) on the Nasdaq Capital Market under ticker symbol NCT. The company raised $10.5 million in gross proceeds through the offering of 1,500,000 ordinary shares priced at $7.00 per share.

The trading commenced on March 28, 2025, with Kingswood Capital Partners acting as the sole book-runner. The company granted underwriters a 45-day option to purchase up to 225,000 additional shares to cover over-allotments.

The net proceeds will be utilized to:

• Expand fleet and increase working capital
• Develop onboard pulp manufacturing technologies
• Promote maritime ESG initiatives
• Strengthen research, marketing, and manufacturing teams

Positive

• Successfully raised $10.5 million through IPO
• Achieved Nasdaq Capital Market listing
• Potential for additional $1.575 million through over-allotment option
• Clear allocation plan for proceeds focusing on growth and technology development

Negative

• Potential dilution from 1.5 million new shares
• Additional dilution risk from 225,000 over-allotment shares
• Pre-revenue company with significant capital needs

Insights

Financial Analyst

Intercont (Cayman) has completed its initial public offering, raising $10.5 million in gross proceeds by selling 1.5 million ordinary shares at $7.00 per share. The stock began trading on the Nasdaq Capital Market on March 28 under ticker symbol "NCT".

The IPO includes a 45-day option for underwriters to purchase an additional 225,000 shares to cover potential over-allotments. This relatively modest capital raise suggests Intercont is a smaller player in the shipping industry with specialized operations focused on "seaborne pulping."

The stated use of proceeds reveals the company's strategic priorities:

• Fleet expansion and working capital needs
• Development of onboard pulp manufacturing technologies
• Environmental, social and governance (ESG) initiatives
• Team expansion across R&D, marketing, and manufacturing

The focus on developing "onboard pulp manufacturing technologies" indicates Intercont is pursuing vertical integration within the maritime pulp supply chain, potentially creating efficiency by processing materials during transport rather than requiring separate facilities.

This IPO gives Intercont access to public capital markets, which could support future growth initiatives beyond this initial raise. However, with the current stock price at $5.72 compared to the $7.00 IPO price, the market appears to be taking a cautious stance on the company's near-term prospects.

HONG KONG, March 31, 2025 (GLOBE NEWSWIRE) -- Intercont (Cayman) Limited (“Intercont” or the “Company”), a global shipping enterprise with plans for seaborne pulping operations, today announced the closing of its public offering (the “Offering”) of 1,500,000 ordinary shares (the “Ordinary Shares”) at a public offering price of $7.00 per share (the “IPO”). The Company received the gross proceeds of $10,500,000 from the Offering, before deducting underwriting discounts and offering expenses. The Ordinary Shares commenced trading on the Nasdaq Capital Market on March 28, 2025 under the ticker symbol "NCT."

In addition, the Company has granted the underwriters an option, within 45 days from the closing of the Offering, to purchase up to an additional 225,000 ordinary shares at the initial public offering price, less underwriting discounts, to cover the over-allotment option.

Intercont intends to use the net proceedings from this Offering to, among other things, (i) increase its working capital and financial flexibility to expand its fleet, procure raw materials, fund marketing activities, and other general corporate purposes, (ii) develop onboard pulp manufacturing technologies to improve yields, (iii) engage professionals to promote the maritime environmental, social and governance matters, industrialization process and explore the related commercial opportunities in the market, and (iv) expand the Company’s research and development team, marketing team, and manufacturing team..

The Offering was being conducted on a firm commitment basis. Kingswood Capital Partners, LLC ("Kingswood") acted as the sole book-runner (the “Underwriter”) for the Offering. Jun He Law Offices, LLC acted as U.S. counsel to the Company, and Ortoli Rosenstadt LLP acted as U.S. counsel to the Underwriter, in connection with the Offering.

A registration statement on Form F-1 (File No.333-282394) relating to the Offering, as amended, was filed with the Securities and Exchange Commission (the “SEC”) and was declared effective on March 27, 2025. This offering is being made only by means of a prospectus forming a part of the registration statement relating to the Offering. Copies of the final prospectus related to the Offering may be obtained, from Kingswood Capital Partners, LLC by standard mail to 126 E 56th Street, Suite 22S New York, NY, or by email at info@kingswoodus.com, or by telephone at +1-800-535-6981. In addition, a copy of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities 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 jurisdiction.

About Intercont (Cayman) Limited

Intercont (Cayman) Limited is a global shipping enterprise with plans for seaborne pulping operations. Under a visionary management team, Intercont is dedicated to providing customers with efficient and environmentally friendly transportation solutions through innovative business models and technology.

For more information, please visit: https://www.intercontcayman.com.

Forward Looking Statement

This press release contains statements of a forward-looking nature. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions and the completion of the initial public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the registration statement filed with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

At the Underwriter:
Kingswood Capital Partners, LLC
126 E 56th Street, Suite 22S New York, NY
Email: info@kingswoodus.com
Telephone: +1-800-535-6981

Investor Relations:
DragonRider
Email: yuhuiyong@dragonrider.com.cn
Telephone: +86-152-6882-9069

At the Company:
Intercont (Cayman) Limited
investorrelations@intercontcayman.com
+852-3848-1720

FAQ

How much did Intercont (NCT) raise in its March 2025 IPO?

Intercont raised $10.5 million in gross proceeds through its IPO, offering 1.5 million ordinary shares at $7.00 per share.

What is the over-allotment option for Intercont's (NCT) IPO?

Underwriters have a 45-day option to purchase up to 225,000 additional shares at the IPO price to cover over-allotments.

How will Intercont (NCT) use its IPO proceeds?

Proceeds will fund fleet expansion, working capital, pulp manufacturing technology development, ESG initiatives, and team expansion.

When did Intercont (NCT) begin trading on Nasdaq?

Intercont began trading on the Nasdaq Capital Market on March 28, 2025, under the ticker symbol NCT.