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The IPO Buzz: Global Engine Group (GLE) Prices Downsized IPO at $4.00 – Low End

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Global Engine Group Holding Ltd.  (GLE) trimmed its small IPO to 2.0 million shares – down from 2.5 million shares – and priced the IPO at $4.00 – the low end of its $4.00-to-$5.00 range – to raise $8.0 million on Thursday night, Sept. 19, 2024. Global Engine Group’s stock is expected to start trading today – Friday, Sept. 20, 2024 – on the NASDAQ. R.F. Lafferty & Co. was the sole book-runner. Global Engine Group Holding Ltd.  is the parent of a Hong Kong-based company that provides ICT solutions to telecom companies, IoT (Internet of Things) companies, and other corporate clients, according to the prospectus. ICT stands for information communications technologies. The company is incorporated in the British Virgin Islands. This small IPO attracted some attention due to Global Engine Group’s profitability. For the year that ended June 30, 2023, Global Engine Group Holding Ltd. reported net income of $0.34 million on revenue of $5.7 million, according to financial statements in the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions or anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.


Source: https://www.iposcoop.com/the-ipo-buzz-global-engine-group-gle-prices-downsized-ipo-at-4-00-low-end/



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