Pitanium Limited Announces Pricing of Initial Public Offering

Rhea-AI Summary

Pitanium Limited, a beauty and personal care products retailer, has announced the pricing of its IPO at $4.00 per Class A ordinary share, offering 1,750,000 shares. The company's shares will trade on the Nasdaq Capital Market under the ticker "PTNM" starting May 30, 2025. Cathay Securities is serving as the sole underwriter and has a 45-day option to purchase up to 262,500 additional shares. The IPO is expected to close around June 2, 2025. Proceeds will fund several initiatives including a mobile app launch, development of home treatment products, portfolio expansion, marketing enhancement, and working capital. The offering was conducted under an SEC-approved Registration Statement on Form F-1.

Positive

• IPO provides fresh capital for business expansion and development initiatives
• Strategic focus on home treatment product line development shows market adaptation
• Planned mobile application development indicates digital transformation efforts
• Listing on Nasdaq provides increased visibility and access to capital markets

Negative

• Relatively small IPO size of 1,750,000 shares may indicate limited market reach
• Single underwriter arrangement might limit distribution capabilities
• Potential dilution for existing shareholders through the over-allotment option

Insights

Investment Banking Analyst

Pitanium's $7M IPO represents a micro-cap entry to public markets with capital allocated toward product expansion and marketing initiatives.

Pitanium Limited has priced its IPO at $4.00 per share, offering 1,750,000 Class A ordinary shares to raise approximately $7 million in gross proceeds (potentially $8.05 million if the over-allotment option is fully exercised). This positions the offering in the micro-cap category, significantly smaller than the average Nasdaq IPO.

The company's decision to allocate proceeds toward customer experience enhancement, product line expansion, and marketing indicates a growth-oriented strategy typical of early-stage consumer brands. The development of a dedicated mobile application suggests Pitanium is pursuing direct-to-consumer channels to strengthen customer relationships and potentially reduce reliance on third-party retailers.

The selection of Cathay Securities as sole underwriter, rather than a consortium of banks, aligns with the offering's limited size. This IPO structure features standard terms, including a 45-day over-allotment option at 15% of the base offering.

For context, beauty and personal care remains a highly competitive sector with relatively low barriers to entry but substantial branding requirements to achieve scale. Without disclosed revenue or profitability metrics in this announcement, the $7 million capital raise suggests Pitanium may be in early commercial stages with significant growth runway ahead, but facing established competitors with greater resources.

The Nasdaq Capital Market listing provides Pitanium access to public capital while subjecting it to less stringent listing requirements than the Nasdaq Global Market, appropriate for its current size and maturity level.

HONG KONG, May 30, 2025 (GLOBE NEWSWIRE) -- Pitanium Limited (“Pitanium” or the “Company”), a company that retails its proprietary brand focusing on beauty and personal care products, announced today that it priced its initial public offering of 1,750,000 Class A ordinary shares (the “Class A Ordinary Shares”) at $4.00 per Class A Ordinary Share (the “Offering”).

Cathay Securities, Inc. acted as the sole underwriter to the Offering (the “Underwriter”). The Company granted the Underwriter a 45-day option to purchase up to 262,500 additional Class A Ordinary Shares, at US$4.00 per Class A Ordinary Share (the “Over-allotment”), less underwriting commissions.

The Class A Ordinary Shares have been approved for listing on the Nasdaq Capital Market and are expected to commence trading on May 30, 2025, under the ticker symbol "PTNM." The Offering is expected to close on or about June 2, 2025, subject to the satisfaction of customary closing conditions.

Proceeds from the Offering will be used for: (i) enhancing customer experience through launching a mobile application; (ii) developing a new line of products solely for home treatment; (iii) expanding the Company’s product portfolio and exploring new suppliers; (iv) further enhancing the Company’s marketing strategies; and (v) working capital and other general corporate purposes.

Loeb Smith Attorneys, Loeb & Loeb LLP, TC & CO., and Tian Yuan Law Firm acted as British Virgin Islands legal counsel, U.S. legal counsel, Hong Kong legal counsel, and PRC legal counsel to the Company, respectively. VCL Law LLP as U.S. securities counsel for the Underwriter in connection to the Offering.

The Offering was conducted pursuant to the Company’s Registration Statement on Form F-1 (File No. 333-284998) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission (“SEC”) on May 29, 2025. The Offering was made by means of a prospectus. Copies of the prospectus may be obtained, for free, by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the final prospectus related to the Offering may be obtained, when available, from Cathay Securities, Inc. at 40 Wall Street, Suite 3600, New York, NY 10005, or by telephone at +1 (855) 939-3888. 

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.

About Pitanium Limited (“Pitanium”)

Pitanium Limited, incorporated in British Virgin Islands, is a retailer in Hong Kong focusing on the sale of its proprietary brand products in the field of beauty and personal care, namely PITANIUM and BIG PI online. It also generates revenue from the offline sale at six retail stores situated in Hong Kong’s premier shopping destinations. The Company emphasizes product design and development with an in-house product development team working closely with its original equipment manufacturing (“OEM”) and original design manufacturing (“ODM”) suppliers. It takes a proactive approach in expanding its product portfolio with a view to staying ahead of market trends and showcasing its ability to cater to the evolving needs of its customers. For more information, please refer to the Company’s website: http://www.pitanium.com/.

Forward-Looking Statements

This press release contains forward-looking statements. 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. These forward-looking statements include, without limitation, the Company's statements regarding the expected trading of its Ordinary Shares on the Nasdaq Capital Market and the closing of the Offering. 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:

Pitanium Limited

Investor Relations Department

Phone: +852 6297 5255

Email: US@pitanium.com

Ascent Investor Relations LLC

Tina Xiao

Phone: +1 646-932-7242

Email: investors@ascent-ir.com

FAQ

What is the IPO price for Pitanium Limited (PTNM) shares?

Pitanium Limited priced its IPO at $4.00 per Class A ordinary share.

When will PTNM stock start trading on Nasdaq?

PTNM shares are expected to begin trading on the Nasdaq Capital Market on May 30, 2025.

How many shares is Pitanium Limited offering in its IPO?

Pitanium is offering 1,750,000 Class A ordinary shares, with an additional 262,500 shares available through the underwriter's over-allotment option.

What will Pitanium Limited use the IPO proceeds for?

Proceeds will be used for launching a mobile app, developing home treatment products, expanding product portfolio, enhancing marketing strategies, and working capital.

Who is the underwriter for Pitanium Limited's IPO?

Cathay Securities, Inc. is acting as the sole underwriter for the IPO.