OrangeKloud Technology Inc. Announces Pricing of $13.1 Million Initial Public Offering
OrangeKloud Technology announced the pricing of its initial public offering (IPO) at $4.75 per share, totaling $13.1 million. The offering includes 2,750,000 shares of Class A Ordinary Shares, with an additional 45-day option for Maxim to purchase up to 412,500 more shares at the same price. Trading will commence on the Nasdaq Capital Market under the ticker ORKT on July 25, 2024. The IPO is expected to close on July 26, 2024, pending customary conditions. Maxim Group is the sole book-running manager for the offering. Legal counsel includes Loeb & Loeb LLP in the U.S., Bird & Bird ATMD LLP in Singapore, and Harney Westwood & Riegels in the Cayman Islands, with Pryor Cashman LLP supporting Maxim.
OrangeKloud Technology ha annunciato il prezzo della sua offerta pubblica iniziale (IPO) a $4,75 per azione, per un totale di $13,1 milioni. L'offerta include 2.750.000 azioni di Class A Ordinary Shares, con un'opzione aggiuntiva di 45 giorni per Maxim di acquistare fino a 412.500 azioni ulteriori allo stesso prezzo. Le contrattazioni inizieranno sul Nasdaq Capital Market con il ticker ORKT il 25 luglio 2024. Si prevede che l'IPO si chiuderà il 26 luglio 2024, soggetta a condizioni di consuetudine. Maxim Group è il solo gestore delle prenotazioni per l'offerta. Il supporto legale include Loeb & Loeb LLP negli Stati Uniti, Bird & Bird ATMD LLP a Singapore, e Harney Westwood & Riegels nelle Isole Cayman, con Pryor Cashman LLP a supporto di Maxim.
OrangeKloud Technology anunció el precio de su oferta pública inicial (IPO) a $4.75 por acción, totalizando $13.1 millones. La oferta incluye 2,750,000 acciones de Class A Ordinary Shares, con una opción adicional de 45 días para que Maxim compre hasta 412,500 acciones más al mismo precio. Las operaciones comenzarán en el Nasdaq Capital Market bajo el ticker ORKT el 25 de julio de 2024. Se espera que la IPO se cierre el 26 de julio de 2024, sujeto a condiciones habituales. Maxim Group es el único administrador de la oferta. El asesoramiento legal incluye a Loeb & Loeb LLP en EE.UU., Bird & Bird ATMD LLP en Singapur, y Harney Westwood & Riegels en las Islas Caimán, con Pryor Cashman LLP apoyando a Maxim.
OrangeKloud Technology는 초기 공모(IPO)의 가격을 주당 $4.75로 발표했으며, 전체 모금액은 $13.1 백만입니다. 이 공모는 2,750,000주(Class A Ordinary Shares)를 포함하고 있으며, Maxim이 동일한 가격으로 412,500주를 추가로 구매할 수 있는 45일 옵션이 있습니다. 거래는 Nasdaq Capital Market에서 티커 ORKT로 2024년 7월 25일에 시작됩니다. IPO는 관례적인 조건에 따라 2024년 7월 26일에 마감될 것으로 예상됩니다. Maxim Group은 이 공모의 유일한 북런닝 매니저입니다. 법률 자문에는 미국의 Loeb & Loeb LLP, 싱가포르의 Bird & Bird ATMD LLP, 케이맨 제도의 Harney Westwood & Riegels가 포함되며, Maxim을 지원하는 Pryor Cashman LLP도 있습니다.
OrangeKloud Technology a annoncé le prix de son offre publique initiale (IPO) à 4,75 $ par action, totalisant 13,1 millions de dollars. L'offre comprend 2 750 000 actions de Class A Ordinary Shares, avec une option supplémentaire de 45 jours pour que Maxim achète jusqu'à 412 500 actions supplémentaires au même prix. Les transactions commenceront sur le Nasdaq Capital Market sous le ticker ORKT le 25 juillet 2024. L'IPO devrait se clôturer le 26 juillet 2024, sous réserve de conditions habituelles. Maxim Group est le seul gestionnaire de livre pour l'offre. Les conseillers juridiques comprennent Loeb & Loeb LLP aux États-Unis, Bird & Bird ATMD LLP à Singapour et Harney Westwood & Riegels aux îles Caïmans, avec Pryor Cashman LLP soutenant Maxim.
OrangeKloud Technology hat den Preis für ihr öffentliche Angebot (IPO) auf $4,75 pro Aktie festgelegt, was insgesamt $13,1 Millionen ergibt. Das Angebot umfasst 2.750.000 Aktien der Class A Ordinary Shares, mit einer zusätzlichen 45-tägigen Option für Maxim, bis zu 412.500 weitere Aktien zum gleichen Preis zu erwerben. Der Handel beginnt am Nasdaq Capital Market unter dem Ticker ORKT am 25. Juli 2024. Die IPO wird voraussichtlich am 26. Juli 2024 abgeschlossen, vorbehaltlich der üblichen Bedingungen. Maxim Group ist der einzige Book-Running-Manager für das Angebot. Legal Counsel umfasst Loeb & Loeb LLP in den USA, Bird & Bird ATMD LLP in Singapur und Harney Westwood & Riegels auf den Cayman-Inseln, wobei Pryor Cashman LLP Maxim unterstützt.
- IPO priced at $4.75 per share, total proceeds expected to be $13.1 million.
- Shares begin trading on Nasdaq under ticker ORKT on July 25, 2024.
- Maxim Group is the sole book-running manager for the offering.
- Potential for shareholder dilution due to the 45-day option for an additional 412,500 shares.
OrangeKloud Technology Inc.'s IPO pricing marks a significant milestone for the company and offers intriguing insights for investors. The $4.75 per share price point and the
The offering of 2,750,000 Class A Ordinary Shares indicates a strategic decision to maintain a certain level of control while accessing public capital. The additional 45-day option for underwriters to purchase up to 412,500 more shares provides flexibility to meet potential excess demand, which could be a positive signal if exercised.
Investors should note the company's choice of the Nasdaq Capital Market, which typically hosts smaller, high-growth potential firms. This aligns with OrangeKloud's likely positioning as an emerging player in the technology sector.
The involvement of reputable legal firms and Maxim Group as the sole book-running manager adds credibility to the offering. However, the relatively modest size of the IPO suggests OrangeKloud may be testing the waters, possibly planning for future funding rounds as it grows.
While the IPO provides a cash injection and increased visibility, investors should carefully consider the company's fundamentals, growth strategy and competitive position in the tech landscape before making investment decisions based solely on this market debut.
OrangeKloud's IPO comes at an interesting time in the tech sector. The
The pricing at
The decision to list on the Nasdaq Capital Market is telling. This exchange is often favored by emerging growth companies, suggesting OrangeKloud sees itself in a high-growth phase. Investors should watch for rapid expansion plans or significant R&D investments in the near future.
The
Given the current economic climate, OrangeKloud's ability to successfully price its IPO may signal investor appetite for new tech offerings, particularly from the Asian market. This could pave the way for other similar-sized tech companies considering public listings.
SINGAPORE, July 24, 2024 (GLOBE NEWSWIRE) -- OrangeKloud Technology Inc. (“ORKT” or “the Company”) today announced the pricing of its initial public offering of an aggregate of 2,750,000 shares of its Class A Ordinary Shares (“the Offering”). The Offering is priced at
In addition, the Company has granted Maxim (as defined below) a 45-day option to purchase up to an additional 412,500 shares of its Class A Ordinary Shares at the initial public offering price (“the Over-allotment”), less underwriting discounts and commissions.
Assuming that the Over-allotment is not exercised, the gross proceeds to ORKT from the Offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by ORKT, is expected to be approximately
The shares are expected to begin trading on the Nasdaq Capital Market under the ticker symbol “ORKT” on July 25, 2024. The Offering is expected to close on July 26, 2024, subject to customary closing conditions.
Maxim Group, LLC (“Maxim”) is the sole book-running manager for the offering. Loeb & Loeb LLP, Bird & Bird ATMD LLP and Harney Westwood & Riegels Singapore LLP are acting as U.S., Singapore, and Cayman Islands legal counsel to the Company, respectively, and Pryor Cashman LLP is acting as U.S. legal counsel to Maxim for the Offering.
The Offering and resale registration statement is being conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-277162), as amended, declared effective by the U.S. Securities and Exchange Commission (“SEC”) on July 24, 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 Website at www.sec.gov. Alternatively, electronic copies of the prospectus relating to the Offering may be obtained from Maxim Group, LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, by phone at +1 (212) 895-3500, or by email at syndicate@maximgrp.com. In addition, a copy of the final prospectus, when available, relating to the Offering may be obtained via the SEC’s website at www.sec.gov.
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.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the expected trading commencement and closing dates. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: the uncertainties related to market conditions and the completion of the public offering on the anticipated terms or at all, and other factors discussed in the “Risk Factors” section of the preliminary prospectus 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. Any forward-looking statements contained in this press release speak only as of the date hereof, and OrangeKloud Technology Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.
About OrangeKloud Technology Inc.
Orangekloud Technology Inc. (NASDAQ: ORKT) is a Singapore-based technology company which offers the eMOBIQ® No-Code platform to develop mobile applications specially designed for Small and Medium Enterprises (SMEs) and corporations. There is a suite of eMOBIQ® mobile applications designed to digitalize and streamline business processes in operations including warehousing, sales order processing, delivery and manufacturing. Customers of eMOBIQ® comes from various industries including food manufacturing and food service industry, precision engineering, construction, retail, energy, and warehouse management sectors.
OrangeKloud Technology Inc. Investor Relations Contact:
1 Yishun Industrial Street 1 #04-27/28 & 34 Aposh Building Bizhub
Singapore 768160
(+65) 6317 2050
Email: ir@orangekloud.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5th Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
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