Company Name: Aigo Holding Limited

Date of Prospectus: November 21, 2025

Aigo Holding Limited IPO: Deep Dive Analysis of 2025’s Global Consumer Products Listing

IPO Snapshot: Offer Structure, Pricing, and Market Entry

Aigo Holding Limited is launching its initial public offering, aiming to list on the Nasdaq Global Market under the symbol AIGO. The IPO offers 2,000,000 ordinary shares with a projected price range of US\$4.00 to US\$6.00 per share, targeting a raise of up to US\$12 million at the upper bound. Upon completion, outstanding shares will total 66,932,729, assuming the underwriters do not exercise the over-allotment option [[32]].

Use of proceeds: Net proceeds are estimated at US\$4.85 million (assuming a US\$4.00 offer price and no over-allotment), allocated to:

• 30% for R&D of new product lines and hardware upgrades
• 20% for expanding warehousing facilities (focus on Spain, Italy, Germany, UK, France)
• 30% for branding, endorsement, and market channel expansion
• 20% for general corporate purposes and potential acquisitions [[67]]

No dividend is planned in the immediate term. The company has not committed to a payout ratio or timetable, reflecting a growth-driven capital allocation strategy [[49]].

Placement breakdown: All shares offered are new issuances; no public, cornerstone, shareholder, or employee allocation breakdown is provided [[32]].

Investor Participation & Book Quality

Anchor and institutional investors: No named anchors or institutional allocation tranches are disclosed. There is no information on retail or institutional oversubscription metrics, pre-listing disposals, or early shareholder sales. No explicit book quality assessment is available.

Deal Parties and IPO Structure

Lead Underwriter and Bookrunner: Eddid Securities USA Inc. is acting as the sole underwriter and bookrunner for the IPO. The company has agreed to a 7% underwriting discount, with an additional 1% non-accountable expense reimbursement and capped accountable expenses [[172-174]].

Stabilization/Greenshoe: A 30-day over-allotment option for up to 300,000 shares is in place, allowing the underwriter to stabilize the market and cover over-subscriptions [[172]].

Lock-up: The company, directors, executive officers, and 5%+ shareholders are subject to a six-month lock-up period from the prospectus date, restricting disposals or transfers of shares and similar securities [[164, 174]].

Listing support: The presence of an experienced underwriter and a greenshoe option suggests potential support for listing-day performance, as inferred from the prospectus [[174]].

Company Overview: Business Model, Products, and Global Reach

Aigo Holding Limited is an investment holding company incorporated in the Cayman Islands, operating primarily as a global consumer products provider. The company is well established in Southern Europe and has a diversified footprint across Europe, Asia, North America, Latin America, and Africa, generating revenue from approximately 40 countries/regions in 2024 [[13]].

Key revenue streams:

• Lighting products
• Electrical products
• Household appliances
• Pet products
• IoT consumer products (since 2019)

The company operates through proprietary brands: AIGOSTAR®, nobleza®, and Taylor Swoden®. Most revenue is generated from the European Union, with 85% in 2023 and 84% in 2024 [[36]].

Customers are primarily retail consumers reached through diverse sales channels, including direct sales, distributors, and online marketplaces [[13]].

Financial Health: Revenue, Profitability, and Capital Structure

Debt levels are moderate, with EUR 13.2 million in short-term borrowings and EUR 1.36 million in long-term borrowings. Shareholders’ equity stands at EUR 38.9 million, rising to EUR 43 million post-IPO (pro forma) [[69]].

Net tangible book value dilution: Investors face an immediate dilution of US\$3.45 per share at the lower offer price, as pro forma net tangible book value per share rises only from US\$0.49 to US\$0.55 [[70]].

Market Position and Competitive Advantages

Aigo Holding Limited is recognized for its proprietary brands and innovation in IoT consumer products, positioning itself strongly in Southern Europe and expanding globally. The company leverages logistics intermediaries and subsidiaries in Hong Kong and other regions to optimize supply chains and market access [[13, 10]].

Founder/CEO Ownership: Mr. Fufei Lin, founder and CEO, will control 78.41% of the post-IPO voting power, making Aigo a “controlled company” under Nasdaq rules. This structure enables decisive strategic direction but may limit minority shareholder influence [[4]].

Management Team and Leadership

Founder and CEO: Mr. Fufei Lin
Role: Chief Executive Officer, majority shareholder (78.41% post-IPO)
Further management team details are not disclosed in the prospectus.

Trends, Timing, and Market Environment

Sector: Consumer products, with a focus on lifestyle, smart home, and pet categories. The sector is described as experiencing global growth, particularly in IoT-enabled products [[13]].

Geographical Trends: Southern Europe remains a key market, with expansion underway in Western Europe and other global regions.

Macro Environment: The prospectus discusses economic conditions in the European Union, noting consumer spending as the primary revenue driver. Recent years have seen demand resilience, but any slowdown in Europe could materially impact performance [[36]].

IPO Timetable: Offer period and listing date are not explicitly stated; the offering is contingent on Nasdaq approval [[4]].

Risk Factors: Regulatory, Operational, and Financial Exposures

Key quantified exposures and risks:

• Regulatory risk (PRC): The company is subject to evolving Chinese regulations on offshore listings, cybersecurity, anti-monopoly, and data protection. All requisite CSRC filings are complete as of March 18, 2025, but future regulatory changes could materially impact operations and share value [[23, 58, 59]].
• Internal control weakness: Material weaknesses in internal financial reporting have been identified and remain unremediated as of the prospectus date. Lack of US GAAP expertise and financial controls may lead to reporting errors or fraud risk [[48, 49, 95]].
• Geographical concentration: 85%+ of revenue is from the European Union, creating significant exposure to regional macro risks [[36]].
• Legal/compliance risk: Risks related to labor, social insurance, and housing provident fund regulations [[21]].
• Tax risk: Potential transfer pricing challenges and tax audits could lead to higher taxes or penalties [[21]].
• Shareholder control: High concentration of voting power in the CEO/founder limits minority protections [[4]].
• Market risk: No public market for shares prior to IPO; price volatility and dilution are expected [[60]].

Growth Strategy: Expansion, R&D, and Corporate Actions

Growth is a primary focus, with IPO proceeds earmarked for:

• R&D investment (30%): Development of new product lines and IoT upgrades.
• Warehousing expansion (20%): Targeting new facilities in Spain, Italy, Germany, UK, and France.
• Branding and market channels (30%): Strengthening market presence and sales channel diversification.
• Potential M&A: Exploring acquisition opportunities, though none are definitive as of the prospectus date [[67]].

Ownership Structure and Lock-ups

Pre-IPO ownership: 64,932,729 ordinary shares outstanding, with Mr. Fufei Lin expected to hold 78.41% post-IPO voting power [[4, 148]].

Post-IPO lock-up: Six months for company, directors, executive officers, and major shareholders (5%+) [[164, 174]].

Employee share plans: No ESOP or employee allocation disclosed.

Valuation and Peer Comparison

No peer company financials, sector multiples, or comparative tables are disclosed in the prospectus. There are no references to sector benchmarks, P/E, P/B, EV/EBITDA, or other valuation metrics.

Comparable IPOs and Sector Performance

No details are provided regarding other IPOs in the same period or 10-day sector performance of comparable companies.

Research Coverage and Analyst Opinions

No analyst coverage, opinions, or price targets are included in the prospectus.

IPO Allotment Results

Final subscription levels by tranche and book quality are not provided.

Listing Outlook: First-Day Performance and Investment Case

Based strictly on prospectus data:

• Strong founder/CEO control may ensure strategic stability, but limits governance protections for minority shareholders.
• Growth-driven use of proceeds signals aggressive expansion rather than deleveraging.
• Material internal control weaknesses and heavy exposure to European Union demand pose risks.
• Underwriter stabilization mechanisms (greenshoe, lock-ups) may support listing-day performance.
• No dividend commitment means returns hinge on capital appreciation and growth execution.

Estimated first-day trading range: With no explicit subscription data, book quality, or anchor investor commitment, listing strength will rely on retail/institutional appetite and market conditions at the time of listing. The immediate dilution (US\$3.45 per share) and moderate offer size suggest that the shares could open near the offer price, with volatility expected due to limited float and lack of peer benchmarks [[70, 71]].

Overall, the IPO may appeal to growth-oriented investors willing to accept operational and regulatory risks for exposure to a globally expanding consumer products company.

Prospectus Access

The full prospectus and related filings are available at: www.sec.gov/Archives/edgar/data/2025255/000121390025113767/ea0208043-23.htm