BrilliA Inc closed its IPO, raising $10 million by offering 2.5 million shares at $4 each, trading under "BRIA".
Quiver AI Summary
BrilliA Inc ("BRIA") announced the successful completion of its initial public offering, closing with the sale of 2,500,000 Class A Ordinary Shares at $4.00 each, totaling $10 million in gross proceeds. The shares began trading on the NYSE American under the ticker symbol "BRIA" on November 27, 2024, and the underwriters have an option to purchase an additional 375,000 shares. The company intends to use the net proceeds for enhancing its digital marketing platform, research and development, business expansion, and general corporate purposes. A.G.P./Alliance Global Partners served as the sole Book-Running manager for the offering. The press release also contains forward-looking statements regarding the company's expectations and risks related to the offering's outcomes.
Potential Positives
- BrilliA Inc successfully closed its initial public offering, raising a total of $10 million in gross proceeds, which strengthens its financial position.
- The shares have begun trading on the NYSE American stock exchange under the ticker symbol "BRIA," increasing visibility and accessibility for investors.
- The net proceeds from the offering are designated for significant growth initiatives, including the development of a digital marketing platform and expansion of the B2B business.
- The offering was conducted on a firm commitment basis, indicating investor confidence and support for the company's future prospects.
Potential Negatives
- The offering price of $4.00 per share may suggest a lack of confidence from investors, as it could be perceived as relatively low for an initial public offering, potentially indicating challenges in attracting higher valuations.
- The company has outlined plans to use the proceeds for general working capital and corporate purposes, which may raise concerns among investors about the specific areas in need of funding and the potential lack of a clear growth strategy.
- The cautionary notes regarding forward-looking statements imply a level of uncertainty about the company's future performance, which could deter potential investors concerned about risks and volatility.
FAQ
What is the ticker symbol for BrilliA Inc?
The ticker symbol for BrilliA Inc is "BRIA," and it trades on the NYSE American stock exchange.
How many shares were offered in BrilliA's IPO?
BrilliA's initial public offering included 2,500,000 Class A Ordinary Shares.
What were the gross proceeds from BrilliA's IPO?
The gross proceeds from BrilliA's IPO totaled $10,000,000 before deductions for underwriting discounts and expenses.
What will the proceeds from the IPO be used for?
The proceeds will be used for the development of a digital marketing platform, research and development, and general corporate purposes.
Who was the sole Book-Running manager for the offering?
A.G.P./Alliance Global Partners served as the sole Book-Running manager for BrilliA's offering.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
Full Release
SINGAPORE, Nov. 29, 2024 (GLOBE NEWSWIRE) -- BrilliA Inc ("
BRIA
" or "the
Company
") today announced the closing of its previously announced initial public offering of an aggregate of 2,500,000 Class A Ordinary Shares (the
"Offering
") at an offering price of $4.00 per share to the public, for a total of $10,000,000 in gross proceeds to the Company, before deducting underwriting discounts and estimated offering expenses. The shares began trading on the NYSE American stock exchange on November 27, 2024, under the ticker symbol "BRIA."
In addition, the Company has granted the underwriters an option, exercisable within 45 days from the closing date of the Offering, to purchase up to an additional 375,000 Class A Ordinary Shares at the Offering Price, representing 15% of the Class A Ordinary Shares sold in the Offering.
The net proceeds from the initial public offering are expected to be used for development of the digital marketing platform, research and development, expansion of existing B2B business, and general working capital and corporate purposes.
The offering was conducted on a firm commitment basis. A.G.P./Alliance Global Partners ("
A.G.P.
") was the sole Book-Running manager for the offering. Mourant Ozannes LLP acted as Cayman Islands and British Virgin Islands legal counsel and Ortoli Rosenstadt LLP acted as U.S. legal counsel, respectively, to the Company, and Lewis Brisbois Bisgaard & Smith LLP acted as U.S. legal counsel to A.G.P. for the Offering.
The Offering was conducted pursuant to the Company's Registration Statement on Form F-1 (File No. 333-282056) previously filed with and subsequently declared effective by the U.S. Securities and Exchange Commission ("
SEC
") on November 19, 2024. The Offering was made only by means of a prospectus, forming a part of the registration statement. Electronic copies of the final prospectus relating to the Offering may be obtained for free by visiting EDGAR on the SEC's Website at www.sec.gov. Alternatively, copies of the prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28
th
Floor, New York, NY 10022, by phone at +1 (212) 624-2060, or by email at prospecuts@allianceg.com.
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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this press release are "forward-looking statements" as defined under the federal securities laws, including, but not limited to, the Company's expectations regarding the completion, timing and size of the proposed Offering and statements regarding the use of proceeds from the sale of the Company's shares in the Offering. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs, including the expectation that the Offering will be successfully completed. Investors can find many (but not all) of these statements by the use of words such as "believe", "plan", "expect", "intend", "should", "seek", "estimate", "will", "aim" and "anticipate", or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
About BrilliA Inc
BrilliA has evolved from an Original Design Manufacturer into a comprehensive one-stop service cross-border solution provider for ladies' intimate apparel brands, managing sales and customer relationships with major clients like Fruit of the Loom, Hanes Brands Inc and H&M, with the expertise in handling sourcing, design, prototyping, supply chain to logistic management as well as quality control of products manufactured by independent third party manufacturing facilities for their customers worldwide.
For further information, please contact:
BrilliA Inc Contact:
220 Orchard Road, Unit 05-01, Midpoint Orchard
Singapore 238852
(+65) 6235 3388
Email:
info@brilliaincorporated.com
Underwriter Inquiries:
A.G.P./Alliance Global Partners
590 Madison Avenue, 28
th
Floor
New York, NY 10022
Email: prospectus@allianceg.com
Investor Relations Inquiries:
Skyline Corporate Communications Group, LLC
Scott Powell, President
1177 Avenue of the Americas, 5
th
Floor
New York, New York 10036
Office: (646) 893-5835
Email: info@skylineccg.com
