Hong Kong shipping company Intercont Limited (NCT.US) has reduced its IPO size, with the fundraising amount lowered by 49% to $15 million.

Hong Kong-based shipping company Intercont Limited (NCT.US) announced on Wednesday that it has reduced the size of its upcoming IPO. The company now plans to issue 1.9 million shares at a price range of $7 to $9 per share, aiming to raise $15 million. This represents a 49% decrease in funds raised compared to the previously proposed 3.7 million shares issuance. Intercont Limited was established in 2023 and reported a revenue of $26 million for the 12 months ending on June 30, 2024. The company plans to list on Nasdaq under the stock code NCT, with Kingswood Capital Markets serving as the sole bookrunner. Intercont Limited operates global shipping business through a series of subsidiaries, covering both chartered shipping and vessel management services. Its fleet consists of one owned vessel and three leased vessels, with a total cargo capacity of 217,191 deadweight tons. Furthermore, Intercont Limited also plans to launch a marine pulp business through its Singapore subsidiary Openwindow by the first quarter of 2025, utilizing owned and leased factory vessels to further expand its operations.