Chinese paper packaging manufacturer Millennium Group International Holdings Limited (MGIH.US) plans to raise $8 million in IPO funding, which is a decrease of 64% in the financing size.

Hong Kong-based high-quality paper packaging manufacturer Millennium Group International Holdings Limited (MGIH.US) has reduced the proposed transaction size for its upcoming IPO. The company now plans to issue 2 million shares at a price of $4, intending to raise $8 million. Previously, it had applied to issue 5 million shares at a price of $4 to $5. Under the revised terms, the funds raised by the company will be 64% lower than expected, with a market value of $48 million. The company plans to list on Nasdaq with the stock code "MGIH." Founded in 1978, Millennium Group International Holdings Limited operates in China and Vietnam, with two production factories in Guangdong and a supply chain service department in Vietnam. The company specializes in producing paper inner packaging boxes and corrugated paperboard outer packaging boxes. Its customers are mainly located in East Asia and Southeast Asia. The company reported revenues of $66 million for the 12 months ending June 30, 2022. In the latest filing, Revere Securities and RF Lafferty & Co have been appointed as joint bookrunners for the transaction, replacing the previous sole bookrunner Network 1 Financial Securities.