02:11 PM EDT, 06/13/2025 (MT Newswires) -- Center Holdings filed on Friday a registration statement for an initial public offering of nearly 3.8 million shares, with an expected price range of $4 to $6 per share.

The company said it has applied to list its shares on the Nasdaq Capital Market under the "CTMB" ticker though listing approval is still pending.

Center said that if it prices its IPO at $4 per share, the low end of its expected range, the net proceeds are expected to be $12.8 million. If underwriters exercise their full overallotment option of up to 15% of shares, net proceeds could rise to $14.8 million, the company said.

About 40% of the proceeds will be used to develop and expand Center's water dispenser business, and another 40% to grow its original smartphone business. The rest will go toward expanding its existing operations, the company said.

In addition to the IPO, Center said it is registering up to 3.97 million shares for resale by existing shareholders through a separate resale prospectus. These resale shares can only be sold after the IPO is successfully completed. The company said it will not receive any proceeds from the sale of those resale shares.