Filings for new U.S. listings - 4/22/2024
Viking Holdings Ltd (F-1/A) - 04/22/2024
Viking Holdings Ltd is a leading global cruise operator founded in 1997, offering river, ocean and expedition cruises worldwide. The company has grown from 4 river vessels to a fleet of 92 state-of-the-art ships, providing meaningful travel experiences on all seven continents.
| Name | Viking Holdings Ltd |
|---|---|
| HQ Location | Pembroke, Bermuda |
| Country/Region of Operations | Worldwide |
| Incorporation Jurisdiction | Bermuda |
| Ticker Symbol | VIK |
| Exchange | New York Stock Exchange (NYSE) |
| Offer Size | Unknown |
| Number of Shares offered | 44,000,000 ordinary shares |
| Offer Price | $21.00 - $25.00 per ordinary share |
| Underwriters | BofA Securities J.P. Morgan UBS Investment Bank Wells Fargo Securities HSBC Morgan Stanley Rothschild & Co Stifel Drexel Hamilton Loop Capital Markets R. Seelaus & Co., LLC |
| Industry | Cruise Line |
| Sales/Revenue | $4,710,493,000 |
| Net Income/Loss | $(1,858,601,000) |
| Total Liabilities | $9,481,905,000 |
| Cash and Cash Equivalents | $1,513,713,000 |
| Use of Proceeds | - Use a portion of the net proceeds to satisfy tax withholding and remittance obligations related to the vesting and settlement of outstanding RSUs - Use the remaining net proceeds for general corporate purposes, including working capital, operating expenses and capital expenditures - May also use a portion of the net proceeds to make acquisitions or investments, although no agreements or commitments for any material acquisitions or investments at this time |
| Dividend Policy | We currently intend to retain any future earnings for use in the operation of our business and do not intend to declare or pay any cash dividends in the foreseeable future. |
| Risk Factors | - Changes in the general worldwide economic and political environment could reduce the demand for cruises - Adverse weather conditions or other natural disasters, including high or low river water levels, may require us to alter our itineraries or cancel existing cruises - Adverse incidents involving cruise ships may adversely affect our business, financial condition and results of operations - Disease outbreaks or pandemics have had, and in the future could have, a significant impact on the travel industry generally and on our business and results of operations - The threat of terrorist attacks, wars, acts of piracy and other events affecting the safety and security of travel can reduce the demand for cruises or require us to cancel existing bookings |
| Other | - Viking will be the only public pure-play luxury river-focused cruise line - Viking is a "controlled company" under the NYSE rules and intends to rely on certain of the controlled company exemptions under the NYSE corporate governance rules - Viking is a "foreign private issuer" under applicable SEC rules and will be eligible for reduced public company disclosure requirements |
| Link to Filing | Filing |
Mingteng International Corp Inc. (424B4) - April 19, 2024
Mingteng International Corp Inc. is an automotive mold developer and supplier in China. The company provides a wide variety of products, including casting molds for turbocharger systems, braking systems, steering and differential system, and other automotive system parts. The company also produces molds for new energy electric vehicle motor drive systems, battery pack systems, and engineering hydraulic components.
| Name | Mingteng International Corp Inc. |
|---|---|
| HQ Location | Wuxi, China |
| Country/Region of Operations | China |
| Incorporation Jurisdiction | Cayman Islands |
| Ticker Symbol | MTEN |
| Exchange | Nasdaq Capital Market |
| Offer Size | $4,200,000 |
| Number of Shares offered | 1,050,000 |
| Offer Price | $4.00 per Ordinary Share |
| Underwriters | Craft Capital Management LLC |
| Industry | Automotive Mold Manufacturing |
| Sales/Revenue (FY 2022) | $8,026,764 |
| Net Income (FY 2022) | $2,133,188 |
| Total Current Liabilities (as of 12/31/2022) | $3,925,917 |
| Cash and Cash Equivalents (as of 12/31/2022) | $1,793,323 |
| Use of Proceeds | - Invest in new production facilities to improve production capacity and purchase high-end production equipment (55%) - Strengthen R&D capabilities in the mold casting field of turbocharger and NEV parts (30%) - General working capital (10%) - Expand product types (5%) |
| Dividend Policy | The company currently intends to retain most, if not all, of its available funds and any future earnings to support operations and finance the growth and development of its business. The company does not expect to pay any cash dividends in the foreseeable future. |
| Risk Factors | - Risks associated with the COVID-19 outbreak and its impact on the company's operations - Risks related to changes in the availability, quality and cost of key raw materials and other necessary supplies - Risks related to the company's dependence on major customers - Risks related to product quality issues and potential product liability claims - Risks related to the company's ability to protect its intellectual property - Risks related to a severe or prolonged downturn in the Chinese or global economy |
| Other | - The company is a "controlled company" under the Nasdaq rules due to the ownership structure - The company qualifies as an "emerging growth company" under U.S. securities laws - The company is a "foreign private issuer" and will be subject to reduced public company reporting requirements |
| Link to Filing | Filing |
YY Group Holding Ltd. (424B4) - April 19, 2024
YY Group Holding Ltd. is a data and technology driven company focused on developing enterprise intelligent labor matching services and smart cleaning services. Through its subsidiaries, the Company provides enterprise manpower outsourcing and smart cleaning services in Singapore and Malaysia. The Company's manpower outsourcing service segment is anchored by the YY App, which is a one-stop intelligent manpower outsourcing platform.
| Name | YY Group Holding Ltd. |
|---|---|
| HQ Location | Singapore |
| Country/Region of Operations | Singapore, Malaysia |
| Incorporation Jurisdiction | British Virgin Islands |
| Ticker Symbol | YYGH |
| Exchange | Nasdaq Capital Market |
| Offer Size | US$4,500,000 |
| Number of Shares offered | 1,125,000 Class A Ordinary Shares |
| Offer Price | US$4.00 per Class A Share |
| Underwriters | US Tiger Securities, Inc. |
| Industry | Manpower Outsourcing, Cleaning Services |
| Sales/Revenue (in thousands) | $20,022,529 |
| Net Income/Loss (in thousands) | $761,340 |
| Total Liabilities (in thousands) | $3,514,823 |
| Cash and Cash Equivalents (in thousands) | $161,022 |
| Use of Proceeds | Geographical business expansion, marketing and promotion campaigns, product research and development of YY App, team expansion, and general working capital and corporate purposes |
| Dividend Policy | The Company does not intend to pay any dividends on its Class A Shares for the foreseeable future. |
| Risk Factors | - Key customers contribute a significant portion of revenues, and non-renewal of contracts could adversely affect the business - Dependence on a small number of individuals in the management team - Subject to extensive government regulation, and imposition of additional regulations could harm future earnings - May not be able to maintain and/or obtain necessary approvals, licenses and registrations - May be subject to legal and regulatory proceedings and administrative investigations - Misconduct and errors by employees could harm the business and reputation - May incur employment-related claims or other types of claims and costs - Operates in a highly competitive industry and may be unable to retain customers or market share - Manpower outsourcing business model has a short cash flow conversion cycle - Business model and growth strategy depend on ability to attract users to the online platform in a cost-effective manner - Relies heavily on Internet search engines and mobile app stores to drive traffic - Failure to adapt to new technologies or changing user requirements could adversely affect the business - Generates and processes a large amount of consumer data, and improper use, collection or disclosure could result in significant consequences - May be unable to adequately protect intellectual property and proprietary rights - Relies on certain technology and software licensed from third parties - Technology, software and systems may contain undetected errors or vulnerabilities - Errors or inaccuracies in business data and algorithms may adversely affect business decisions and customer experience - Business and operations may be adversely affected by COVID-19 or other infectious disease outbreaks - Adverse changes in political, economic, legal, regulatory or social conditions in operating jurisdictions may impact operations - Exposed to risks from foreign currency exchange rate fluctuations - Insurance policies may be inadequate to cover assets, operations and business interruptions - Critically dependent on workers' compensation insurance coverage on commercially reasonable terms - May not be able to successfully implement business strategies and future plans |
| Other | - Classified as a "controlled company" under Nasdaq rules due to majority ownership by the Chairman/CEO - Qualifies as an "emerging growth company" and "foreign private issuer" under U.S. securities laws, providing certain exemptions - Identified material weaknesses in internal control over financial reporting prior to the offering, and is implementing remediation measures |
| Link to Filing | Filing |
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