03:37 PM EDT, 07/22/2024 (MT Newswires) -- Primega Group Holdings said Monday it has priced its initial public offering of 1.5 million ordinary shares at $4 per share for expected gross proceeds of around $6 million.

A selling shareholder is also offering 250,000 ordinary shares at $4 apiece, aiming for total gross proceeds of $1 million, the company said.

The shares will start trading on Nasdaq under PGHL symbol on Tuesday, with the offering expected to close on Wednesday, pending closing conditions, the company said.

Primega said it plans to use the net proceeds to expand the business, upgrade its information technology systems and fund working capital and general corporate needs.