HONG KONG, July 22, 2024 (GLOBE NEWSWIRE) -- Primega Group Holdings Limited (NASDAQ:PGHL) (the "Company"), a provider of transportation services that employs environmentally friendly practices with the aim of facilitating reuse of construction and demolition materials and reduction of construction waste, today announced the pricing of its initial public offering (the "IPO") of 1,500,000 ordinary shares at a public offering price of $4.00 per ordinary share. The Company expects to receive aggregate gross proceeds of approximately $6,000,000 from the IPO, prior to deducting underwriting discounts and other offering expenses. In addition, in connection with the initial public offering, a selling shareholder is offering 250,000 ordinary shares of the Company at $4.00 per share (the "Resale", together with the IPO, the "Offering"), for total gross proceeds of $1,000,000, before deducting underwriting discounts and other offering expenses. The ordinary shares are expected to begin trading on the Nasdaq Capital Market on July 23, 2024, under the symbol "PGHL." The offering is expected to close on July 24, 2024, subject to customary closing conditions. The Company intends to use the net proceeds from the Offering for (i) expanding the existing business by acquiring additional machinery and equipment including tipper trucks and excavation machines and employing additional staff; (ii) upgrading the information technology systems to track the location and deployment of the trucks to improve resource allocation and efficiency, and (iii) funding working capital and other general corporate purposes. Bancroft Capital, ...