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Raytech Holding Limited Announces Closing of the Underwriters’ Over-Allotment Option in Connection with its Initial Public Offering

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Raytech Holding (RAY), based in Hong Kong and specializing in personal care electrical appliances, closed the sale of an additional 113,083 ordinary shares as part of the underwriters’ over-allotment option in connection with its IPO. The shares were sold at $4 per share, less underwriting discounts, raising an additional $452,332. This brings the total gross proceeds from the IPO to approximately $6,452,332 before underwriting discounts and offering expenses. Key underwriters include Revere Securities, R.F. Lafferty & Co., and Dominari Securities The IPO prospectus is available through Revere Securities or the SEC website.

Positive
  • Raised additional $452,332 through the over-allotment option.
  • Total IPO gross proceeds reached approximately $6,452,332.
Negative
  • Shareholder dilution through the issuance of additional 113,083 ordinary shares.

Raytech Holding Limited has successfully closed the sale of an additional 113,083 ordinary shares, raising an extra $452,332 on top of the previously raised $6,000,000 from its initial public offering. This indicates a positive initial market reception, which is important for future investor sentiment and company valuation.

Short-term implications: The additional funds will boost Raytech's capital reserves, likely aiding in scaling operations, R&D, or marketing. This influx of capital might also stabilize the stock, reducing volatility common with newly listed companies.

Long-term implications: Investors should monitor how effectively Raytech allocates these funds. Proper utilization could result in sustainable growth, enhanced profitability and share price appreciation. Conversely, mismanagement could lead to wasted resources and financial strain.

Investor takeaway: The over-allotment option's partial exercise reflects confidence among underwriters. Higher capital reserves provide a cushion against initial market challenges. However, future performance will heavily depend on strategic fund allocation and market conditions.

Raytech’s IPO completion and subsequent over-allotment sale highlight the company's positioning in the personal care electrical appliances market, a sector with steady demand due to consumer trends towards health and personal grooming.

Competitive landscape: This market is highly competitive, with established players holding significant market share. Raytech’s ability to carve out a niche or innovate could dictate its market position.

Macro factors: Global supply chain disruptions, currency fluctuations and changes in consumer spending patterns post-pandemic could either pose challenges or present opportunities for Raytech.

Investor perspective: Understanding market dynamics and consumer behavior is crucial. Investors should keep an eye on Raytech's market penetration strategies and their ability to innovate and differentiate from competitors.

Hong Kong, July 05, 2024 (GLOBE NEWSWIRE) -- Raytech Holding Limited (the “Company” or “RAY”), a Hong Kong-headquartered company specializes in design, sourcing and wholesale of personal care electrical appliances for international brand owners, today announced that it closed the sale of an additional 113,083 ordinary shares of the Company, pursuant to the partial exercise of the underwriters’ over-allotment option granted in connection with the Company’s initial public offering (“IPO”), at the IPO price of $4 per share, less underwriting discounts. As a result, the Company has raised gross proceeds of $452,332 in addition to the previously announced IPO gross proceeds of approximately $6,000,000, before deducting underwriting discounts and offering expenses.

Revere Securities, LLC, acted as the representative of the underwriters, R.F. Lafferty & Co., Inc. acted as the joint book runner, and Dominari Securities LLC acted as co-manager, (the “Underwriters”) for the IPO. Robinson & Cole LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. counsel to the Underwriters, in connection with the IPO.

A registration statement on Form F-1 (File No. 333-275197) relating to the IPO, as amended, has been filed with the U.S. Securities and Exchange Commission (the "SEC") and was declared effective by the SEC on May 13, 2024. The IPO is being made only by means of a prospectus. Copies of the final prospectus related to the IPO may be obtained, when available, from Revere Securities LLC by email at info@reveresecurities.com or via standard mail to Revere Securities LLC, 560 Lexington Avenue 16Fl, NY, NY 10022. In addition, a copy of the final prospectus can also 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 IPO. 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 Raytech Holding Limited

Raytech Holding Limited is a Hong Kong-headquartered company with over 10 years of experience in the personal care electrical appliance industry. Through its operating subsidiary in Hong Kong, it sources and wholesales a diverse range of personal care electrical appliances ranging from hair styling, tooling, trimmer, eyelash curler, neck care, to nail care and other body and facial care appliances for international brand owners, providing integrated product design, production processing, and manufacturing solutions. For more information please visit: https://ir.raytech.com.hk/.

Forward-Looking Statement

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. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause actual results to differ materially from the Company's expectations discussed in the forward-looking statements. These forward-looking statements are subject to uncertainties and risks including, but not limited to, the uncertainties related to market conditions 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:

Underwriters
Revere Securities LLC
560 Lexington Ave, 16th Floor,
New York, NY10022
(212) 688-2350
contact@reveresecurities.com

R.F. Lafferty & Co., Inc.
40 Wall Street, 29th Floor
New York, NY 10005
(212) 293-9090
offerings@rflafferty.com

Investor Relations
WFS Investor Relations Inc.
Janice Wang, Managing Partner
Email: services@wealthfsllc.com
Phone: +86 13811768599
+1 628 283 9214


FAQ

What is the recent news about Raytech Holding 's IPO?

Raytech Holding recently closed the sale of an additional 113,083 ordinary shares through the underwriters’ over-allotment option at $4 per share, raising $452,332.

How much in total did Raytech Holding raise through its IPO?

Raytech Holding raised approximately $6,452,332 in total through its IPO.

What was the price per share for Raytech Holding 's additional shares?

The additional shares were sold at $4 per share.

Who were the underwriters for Raytech Holding 's IPO?

The underwriters included Revere Securities, R.F. Lafferty & Co., and Dominari Securities

Where can I find the prospectus for Raytech Holding 's IPO?

The prospectus can be obtained from Revere Securities or via the SEC website.

Raytech Holding Limited

NASDAQ:RAY

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54.07M
17.61M
82.29%
0.46%
Household & Personal Products
Consumer Defensive
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United States of America
Kowloon Bay