IPO directory

Group guide

Newly listed0–30 days since first trade

Earlier listings31–90 days since first trade

PricedOffering priced; first trade not yet confirmed.

Filed with SECSEC filing recorded; pricing not yet confirmed.

Post-listing trackingExtended post-listing research coverage.

Listed · date unverifiedTrading confirmed; first trade date unverified.

DormantInactive filing coverage; not a withdrawal notice.

Dormant generally means more than 120 days without a material filing update before pricing or confirmed trading. It is not a withdrawal.

Post-listing tracking continues beyond early coverage. Withdrawn means a recorded withdrawal; historical records remain separate.

Listed · early coverage combines newly listed, earlier listings and trading-confirmed companies whose first date is unverified. Dates describe their column heading, not the scan time.

SEC checked · 2026-10-19

Filing date is not listing date.

Ray Maple

Symbol pendingFiled

Ray Maple Inc. · Nasdaq Capital Market (application pending) · IT consulting and digital marketing · Research source · F-1 · 2026/08/18 · SEC checked 2026-10-19

SEC

Latest filing update · F-1Analysed 2026-09-07

Ray Maple proposes to offer 6,250,000 ordinary shares at an assumed $4.00 per share, with a 15% over-allotment option, subject to SEC effectiveness and Nasdaq approval.

Research source · F-1 · 2026/08/18Latest analyzed filing · F-1 · 2026-08-18

Updates and this research have separate source dates; newer facts do not silently replace earlier conclusions.

SummaryWATCHReport source · F-1

Profitable growth is visible, but valuation, minimal cash and post-lock-up supply warrant caution

FY2026 revenue grew 61.3% to $2.39M, although net income slipped to $818K and year-end cash was only $754. At $4.00, the filing implies a $75M post-offer equity value, about 31× revenue; 12.5M existing shares become eligible after the 180-day lock-up, compared with 6.25M IPO shares.

Equity valuation$75.0MPost-offer

Issuer proceeds$22.219M estimated100% primary shares

Selling-holder proceeds$0 disclosed0% secondary shares

Voting controlNo single controlling party identifiedOne vote / share voting

Next disclosed checkpointSEC effectiveness and Nasdaq approvalTrading symbol has not been published

Business and development direction: A Hong Kong operating group providing IT solution consulting, system integration and digital marketing services.
100%
40%30%30%
Current business
IT consulting and digital marketing100%
Future development
Acquisitions40%
Market development30%
Working capital30%

DECISION DRIVERS

Key risks

High

Risk 1

The $75M implied value is about 31× FY2026 revenue.

High

Risk 2

Cash was only $754 and operating cash flow was negative despite reported profit.

High

Risk 3

12.5M existing shares equal twice the IPO share count and may become sale-eligible after 180 days.

NEXT EVENTSEC effectiveness and Nasdaq approvalTrading symbol has not been published

LATEST EVIDENCEF-12026/08/18

LISTING CHECKPOINTNot yet published — awaiting the effective or final prospectus.Nasdaq Capital Market (application pending)

OFFERING AT A GLANCE

Capital raised and seller liquidity

F-1 ↗

Primary shares: 100%
Secondary shares: 0%
Issuer proceeds: $22.219M estimated
Selling-holder proceeds: $0 disclosed

Use-of-proceeds percentages disclosed in the F-1 scenario.

BOOKRUNNERS / LEAD UNDERWRITERSUnderwriters named in the prospectus

PRELIMINARY

#	Institution	Underwriting allocation	Ratio	Shares
1	Eddid Securities USA Inc.

Underwriting terms

Underwriting terms
Measure	Reported value	Unit
Underwriting discount per share	$0.28	$ / share
Total underwriting discount	$1,750,000	$

Source and calculation

Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.

Underwriting discount per share

Base prospectus offering; cover per-share and total columns

SEC table 8 row 3; source 48736:51798; SHA256 d03f9ba9eac62ccb60a020de6af586cfcd56916c1b2e3d8ac380c0d4fd578a67 ↗

Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.

Total underwriting discount

Base prospectus offering; cover per-share and total columns

SEC table 8 row 3; source 48736:51798; SHA256 d03f9ba9eac62ccb60a020de6af586cfcd56916c1b2e3d8ac380c0d4fd578a67 ↗

IPO CAPITAL QUALITY

Issuer capital$22.219M estimated

Selling-holder liquidity$0 disclosed

Primary shares100%

Secondary shares0%

100%

primary · SharesSecondary shares · Shares

Issuer capital
Calculation	Reported value
Issuer capital	$22.219M estimated
Selling-holder liquidity	$0 disclosed

Use of proceeds
Use of proceeds	Reported value
Acquisitions	40%
Market development	30%
Working capital	30%

Basis and evidence

Use-of-proceeds percentages disclosed in the F-1 scenario. Company: estimated net proceeds

The filed offer is primary and the intended allocation is fully quantified, but the planned acquisition spending increases execution risk.

Offering structure

Offering terms
Measure	Reported value	Unit
Offering price	$4	$ / share
Gross offering amount	$25,000,000	$

Source and calculation

Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.

Offering price

Base prospectus offering; cover per-share and total columns

SEC table 8 row 2; source 48736:51798; SHA256 d03f9ba9eac62ccb60a020de6af586cfcd56916c1b2e3d8ac380c0d4fd578a67 ↗

Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.

Gross offering amount

Base prospectus offering; cover per-share and total columns

SEC table 8 row 2; source 48736:51798; SHA256 d03f9ba9eac62ccb60a020de6af586cfcd56916c1b2e3d8ac380c0d4fd578a67 ↗

Company$22.219Mestimated net proceeds

Acquisitions$8.887M40% allocation

Market development$6.666M30% allocation

Working capital$6.666M30% allocation

Future supply12.50Mexisting shares after lock-up

Proceeds and intended uses

Proceeds and intended uses
Measure	Reported value	Unit
Issuer proceeds before expenses	$23,250,000	$

Source and calculation

Base prospectus offering; cover per-share and total columns Figures retain their stated source scenario and conditions.

Issuer proceeds before expenses

Base prospectus offering; cover per-share and total columns

SEC table 8 row 4; source 48736:51798; SHA256 d03f9ba9eac62ccb60a020de6af586cfcd56916c1b2e3d8ac380c0d4fd578a67 ↗

Dilution and valuation

Dilution and valuation
Calculation	Shares	Value	Reference
Pre-offer	12.50M	$50.0M	$4.00
Post-offer	18.75M	$75.0M	+50.0%
IPO proceeds	6.25M	$25.0M	33.33% post

Dilution and valuation
Calculation	Value	Reference
FY2026 revenue	$2.391M	31.4× value/revenue

Share-count comparison

Offering cases as stated in the saved report, not funding-round history or shareholder-group ownership.

Pre-offer

12.50M

Post-offer

18.75M

Comparison data
Stage / scenario	Reported value
Pre-offer	12.50M
Post-offer	18.75M

Basis and evidence

Pre-offer

Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.

Capitalization / saved valuation bridge ↗

Post-offer

Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.

Capitalization / saved valuation bridge ↗

SCENARIO · NOT A FORECAST

IPO valuation scenario simulator

Post-offer · US$4 × 18.75M shares

Offer-price change 0%Post-offer share-count change 0%

Implied equity valueUS$75MPrice × post-offer shares

Post-offer shares18.75MShare count, not tradable float

Existing-holder ownership reduction0.0%Assumes new shares only; secondary sales do not increase shares.

Sources and calculation notes

Read this report’s SEC filing ↗

View	Source basis
Ownership across stages	Comparable ownership figures across stages are unavailable in this report. See Control for holdings on their disclosed basis. Open filing ↗

CONTROLLING PARTYNo single controlling party identified

Base post-offer ownership

Voting: One vote / share
Economic: Largest 30.93%
As of: 2026/08/18

!Existing holders retain 66.67% collectivelyView source ↗

Relationship filters

ownership / voting rights

Ownership and control
Entity / holder	Economic ownership	Relationship
Lina Tang / RTLN	30.93%	Major ownership group
Other existing holders	35.74%	Major ownership group
IPO investors	33.33%	Public / new investors

Select for details · Ray Maple

Economic ownership100%

Lina Tang / RTLN 30.93%
Other existing holders 35.74%
IPO investors 33.33%

Why control differs from ownership

Lina Tang holds 5.8M shares through RTLN Global Limited.

Liying Wang holds 8.13% post-offer and RSYH holds 27.60%.

All shares carry one vote; no dual-class structure is disclosed.

Existing holders own 66.67% after the base offering.

Conditional lock-up timeline

Eligibility is not a sale. Release conditions, holder groups and exceptions remain separate.

Milestones and unconfirmed releases

Holder / event
Holder / event	Term / date	Conditions
Insider lock-up	+180 days 66.67% · 12.50M existing shares	Insider lock-up · Directors, officers and existing holders · Not yet published — awaiting the effective or final prospectus. · 180 days after commencement of sales; underwriter may waive · Cumulative: 18.75M (100% potential share base) · No trading-volume basis is available; calculate after 20 trading sessions.

Basis and evidence

Insider lock-up

Insider lock-up · Directors, officers and existing holders · Not yet published — awaiting the effective or final prospectus. · 180 days after commencement of sales; underwriter may waive · Cumulative: 18.75M (100% potential share base) · No trading-volume basis is available; calculate after 20 trading sessions.

Lock-up / shares eligible for future sale ↗

Sources and calculation notes

Read this report’s SEC filing ↗

View	Source basis
Potential supply pressure	This saved report has no compatible source inputs for this calculation. Open filing ↗

Financial quality

Bars compare absolute amounts within each measure. Each measure has its own scale.

Revenue

USD · Annual values as reported · Consolidated

FY2025USD 1,482,761

FY2026USD 2,391,339

Financial quality
Calculation	Reported value	Reference
RevenueFY2026 · Consolidated	USD 2,391,339	FY2026; consolidated; USD; year ended 2026-03-31
RevenueFY2025 · Consolidated	USD 1,482,761	FY2025; consolidated; USD; year ended 2025-03-31
FY2026 net income	$0.818M	-2.7%
Operating cash flow	$(46K)	negative
Cash	$754	2026/03/31
Working capital	$0.874M	2026/03/31

Sources and calculation notes

Read this report’s SEC filing ↗

View	Source basis
Financial review	Reported financial figures are shown above. A cash-runway estimate needs compatible cash-flow and funding assumptions. Open filing ↗

LATEST COMPARISON

Baseline filing — comparison pending

No source-comparable material changes identified in this report.

Open F-1 ↗

CHANGE 016.25M shares and $4.00 expected price filed

Why it mattersChanges valuation, proceeds and first-day return assumptions.

Evidence · F-1 · 2026/08/18

2026/08/18
F-1

• 6.25M shares and $4.00 expected price filed

• Nasdaq symbol and effectiveness remain pending

Risk 1

The $75M implied value is about 31× FY2026 revenue.

Potential impact: High
Evidence: F-1 · 2026/08/18 ↗

Risk 2

Cash was only $754 and operating cash flow was negative despite reported profit.

Potential impact: High
Evidence: F-1 · 2026/08/18 ↗

Risk 3

12.5M existing shares equal twice the IPO share count and may become sale-eligible after 180 days.

Potential impact: High
Evidence: F-1 · 2026/08/18 ↗

Risk 4

Project-based revenue and Hong Kong concentration can make results volatile.

Potential impact: Medium
Evidence: F-1 · 2026/08/18 ↗

DocumentF-1SEC registration statement

Filed2026/08/181 public filings identified

Source-bound table inputs7SEC EDGAR

Open filing ↗

Sources and calculation notes

Price, shares, ownership, use of proceeds and audited FY2026 financials filed

View the filing's actual first page

Ray Maple Inc. F-1 first page — **F-1 first page**First page from SEC EDGAR