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Brilliance Group plans Nasdaq IPO for its Singapore-based subsidiary

Cayman Islands-based Brilliance Group has filed an initial public offering (IPO) with the Securities and Exchange Commission on Monday, planning to list its primary operational subsidiary, KHIW, on the Nasdaq Capital Market. KHIW, a Singapore-based specialist in structural steel and metal works, is expected to be listed under its proposed ticker symbol.

The company aims to price its 2.4 million shares between $4 and $5 per share in the IPO. The decision to go public comes after a year of substantial financial growth for Brilliance Group, primarily driven by KHIW's operations in Singapore.

The company reported significant revenue growth in the fiscal year ending July 31, 2022, with total earnings reaching SGD 58 million ($42.5 million). This figure represents an increase from the SGD 50.3 million ($36.8 million) reported for the previous fiscal year ending July 31, 2021. The growth was primarily attributed to an uptick in earnings from long-term contracts.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.