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Paper packaging provider Millennium Group (MGIH) has filed to raise around $23M through a proposed US initial public offering.

The Hong Kong-based company said in a filing that it is considering offering 5M shares priced between $4 and $5, which would raise approximately $23M if priced at the midpoint.

The company hopes to list its shares on Nasdaq under the symbol MGIH. Network 1 Financial is serving as lead bookrunner.

Millennium is a provider of paper packaging solutions and supply chain management services with operations in mainland China and Vietnam. The company plans to use proceeds from the deal to build additional factories, buy new equipment and for general corporate purposes.

The company has been profitable. For the year ended June 30, 2020, Millennium reported net income of $4M on revenue of $66M.

For more IPO news, check out SA’s IPO News page.

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