Global Engine Group Files for $17 Million New York IPO

The Hong Kong-based microcap is profitable and is eyeing expansion in Southeast Asia.
Aug. 18, 2022 22:20
Global Engine Group Files for $17 Million New York IPO

(CapitalWatch, Aug. 18, New York) Global Engine Group Holding Ltd., an ICT solutions company in Hong Kong, has applied for a $17 million initial public offering in New York.

The operational subsidiary of Global Engine offers information communication technologies (ICT) solutions including cloud services, IT system design, technical development and outsourcing, network communications, and project management services. Its target customers are SMEs in the telecom, data center and cloud computing, and IoT solution segments.

In the year ended June 2021, Global Engine generated $3.3 million in revenue, a 154% increase year-over-year. Approximately 81.3% of those revenues came from Hong Kong and 18.7% from Taiwan. Income reached $900,000 compared with $400,000 in the 12 months through June 2020, according to the prospectus filed Tuesday.

As its growth drivers, Global Engine noted the large addressable ICT market, a business model serving the entire ICT lifecycle, deep expertise in advanced tech, the advantageous location in Hong Kong, and cloud solutions integration abilities. Further, the company said it plans to expand from Hong Kong to the Southeast Asian region.

The IPO capital would be equally split between the needs of brand promotion and marketing, new talent recruitment, strategic investments and acquisitions, and general working capital, Global Engine wrote in the filing.

The underwriter, Univest Securities, may exercise the greenshoe option to acquire an additional $2.5 million worth of shares upon the IPO.

Global Engine expects to become publicly traded on the Nasdaq Capital Market under the ticker symbol "GLE."