Pitanium Limited (NASDAQ:PTNM), 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 at $4.00 per Class A Ordinary Share. Cathay Securities, Inc. acted as the sole underwriter to the Offering.
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 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, under the ticker symbol "PTNM." The Offering is expected to close on or about June 2, 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.
