Hong Kong steel construction company OneConstruction Group (ONEG.US) submits IPO application, planning to raise up to 9 million US dollars.

Hong Kong-based steel construction company OneConstruction Group (ONEG.US) submitted an application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, planning to raise up to $9 million through an initial public offering (IPO). The company, headquartered in Bloomfield Hills, Michigan, plans to raise $9 million by issuing 1.8 million shares at a price range of $4 to $6 per share. At the midpoint of this price range, OneConstruction Group's market value will reach $65 million. OneConstruction Group is a Hong Kong contractor specializing in steel structure procurement and installation, serving various construction projects. Founded in 2021, the company provides support for public and private sector construction projects as a subcontractor. As of March 31, 2024, the company has completed one project and worked on 12 projects, assisting in the construction of 21,024 units of public housing, accounting for 29% of Hong Kong's estimated public housing units from 2024 to 2026. The company was founded in 2021 and achieved $63 million in sales in the 12 months ending December 31, 2024. American Trust Investment Services and WestPark Capital are the joint bookrunners for this transaction.