CTRL Group Limited Raises Additional $3.0 Million in Gross Proceeds from IPO Over-allotment Option
Kowloon, Hong Kong, January 27, 2025 – CTRL Group Limited (MCTR), a leading integrated marketing and advertising services provider in Hong Kong focusing on mobile games promotion for the local market, recently announced that R.F. Lafferty & Co., Inc., the underwriters’ representative, has fully exercised the over-allotment option of the Company’s Initial Public Offering (IPO).
Over-allotment Option Exercise Details
According to the press release, R.F. Lafferty & Co., Inc., purchased an additional 300,000 ordinary shares of CTRL Group Limited at the IPO price of $4.00 per share. With this, the Company successfully raised an aggregate of $9.2 million in gross proceeds, before underwriting discounts and other related expenses, from the issuance of a total of 2,600,000 ordinary shares.
Impact on CTRL Group Limited
The exercise of the over-allotment option indicates strong investor interest in CTRL Group Limited’s IPO. The additional funds raised will help the Company to further strengthen its market position, expand its business operations, and invest in research and development to enhance its offerings and services, ultimately driving long-term growth.
Impact on the Global Market
The successful exercise of the over-allotment option by CTRL Group Limited could potentially lead to increased investor confidence in the Hong Kong market, particularly in the technology and marketing sectors. This could result in more companies considering going public in the region, potentially leading to a surge in IPO activity.
Conclusion
CTRL Group Limited’s successful exercise of the over-allotment option in its IPO demonstrates the strong investor demand for the Company’s offerings and services. The additional funds raised will enable CTRL Group Limited to further strengthen its market position, expand its business operations, and invest in research and development. Furthermore, this development could potentially lead to increased investor confidence in the Hong Kong market, potentially leading to a surge in IPO activity.
- CTRL Group Limited raised an additional $3.0 million in gross proceeds through the exercise of the over-allotment option.
- Strong investor demand for the Company’s offerings and services led to the exercise of the over-allotment option.
- The additional funds will help CTRL Group Limited to further strengthen its market position and invest in growth.
- Potential increase in investor confidence in the Hong Kong market, leading to a surge in IPO activity.
