Perfect Moment, the U.K.-based luxury skiwear brand, has announced its plans to sell 2.5 million shares in its initial public offering. With an anticipated price range of $6 to $7 per share, the company expects to generate net proceeds of approximately $14.2 million.
Perfect Moment has applied to list its shares on the Nasdaq Capital Market, under the ticker PMNT. This move aims to enhance the company's capitalization, financial flexibility, and visibility in the marketplace.
In the year ended March 31, Perfect Moment reported a loss of $10.3 million on sales of $23.4 million. Despite this, the company remains confident in its future prospects and believes that the IPO will strengthen its position in the industry.
Utilization of Proceeds
The luxury skiwear brand plans to utilize the proceeds from the IPO for general corporate purposes. This strategic decision will provide Perfect Moment with the necessary resources to further grow and expand its operations.
ThinkEquity and U.K.-based Laidlaw & Co. have been appointed as the underwriters for the offering. Their expertise and support will play a crucial role in ensuring the success of Perfect Moment's initial public offering.