London-based luxury lifestyle brand Perfect Moment Ltd. has announced the pricing of its initial public offering of 1,334,000 ordinary shares at a price of $6.00 per share. This represents gross proceeds of approximately $8 million before deducting underwriting discounts and offering expenses.
In addition, Perfect Moment, a provider of technical ski, outerwear, swimwear and activewear, has granted the underwriters a 45-day option to purchase up to an additional 200,100 shares of common stock to cover over-allotments, if any, at the public offering price less the underwriting discount. The company intends to use the proceeds for general corporate purposes, including working capital, sales and marketing activities and general and administrative matters.
The shares began trading on the NYSE American under the symbol “PMNT” on Feb. 8, 2024. The offering is expected to close on Feb. 12, 2024, subject to customary closing conditions.
The company had originally planned to sell 1.23 million shares to raise proceeds of approximately $8 million. With 15.2 million shares expected to be outstanding upon completion of the transaction, the company would be valued at 91.2 million dollars.
