(CapitalWatch, Nov. 1, New York) Packaging company Millennium Group International Holdings Ltd. seeks to raise up to $25 million in a New York IPO.

Millennium Group is headquartered in Hong Kong, with operations in China and Vietnam. The entity seeking to list its shares in New York is an offshore company. Its two factories are located in China's Guangdong province, and its supply chain management business reaches out to clients globally, including the United States, India, and Germany, according to the prospectus.

The family-owned company makes corrugated paper and related packaging products since 1978 and has diversified into packaging products supply chain management, aiming to provide a one-stop integrated services approach covering the entire value chain for paper-based inner and outer packaging products and related components.

For the year ended June 2022, Millennium Group booked $66.2 million in revenue, up 3% year-over-year. Net income for the 12 months increased to $4.1 million from $3.7 million a year ago. The company attributed the growth to the 16% increase in the average selling price per tonnage in the past year, even as its sales volume declined to 35,839 tonnages from 40,359 tonnages in the preceding year.

By product category, packaging products made up 55% of its sales in the 12 months through June, corrugated products brought in 36%, and its supply chain management business made up the remaining 9%. OEM factories made up the majority of its customers.

The company said that its procurement and sales deliveries were not materially affected during the coronavirus outbreak, while production at its factories during 2020 had limited effect. Over the past two years, its output has been stable, however, Millennium Group said in its securities filing.

Millenium Group has filed to list its shares on the Nasdaq Capital Market under the symbol "MGIH." The company is offering 5 million of its ordinary shares at the expected price range of $4 to $5 apiece.

The company said it intends to use the proceeds from its share offering for the establishment of new printing/packaging factories, purchase of new machines, IT system upgrade, and general working capital.

Network 1 Financial Securities Inc. is underwriting the IPO.