Cayman Islands-based Brilliance Group has initiated the process for an initial public offering (IPO) with the Securities and Exchange Commission (SEC) on Monday, as part of its strategic plan to take its primary operational subsidiary, KHIW, public on the Nasdaq Capital Market. KHIW, a Singapore-based specialist in structural steel and metal works, is poised to make its debut under a proposed ticker symbol.
The company is intending to price approximately 2.4 million shares within the range of $4 to $5 per share for the IPO. This decision to enter the public markets follows a year marked by substantial financial success for Brilliance Group, largely attributable to the accomplishments of KHIW in Singapore.
In the fiscal year concluding on July 31, 2022, the company reported a remarkable surge in revenue, with total earnings scaling to SGD 58 million ($42.5 million). This figure represents a notable upswing from the SGD 50.3 million ($36.8 million) reported during the preceding fiscal year ending on July 31, 2021. The noteworthy growth was primarily driven by an increase in earnings derived from long-term contracts.
