Prykhodov
Chinese e-commerce services provider GigaCloud Technology (GCT) saw its stock jump 14% after its $36 million IPO on Thursday.
GigaCloud shares opened at $19.20 and hit a high of $21.22 in early trade before slipping to a low of $12.51 In the late afternoon. The stock recently changed hands at around 12:40 p.m. ET at $13.90.
The company offered 2.94 million shares at a price of $12.25 per share and raised approximately $36 million. The underwriters were granted a 45-day option to purchase additional shares of up to 15% of the number of shares sold to cover over-allotments. Aegis Capital acts as sole bookrunner.
Based in Hong Kong, GigaCloud provides e-commerce solutions for discovering, paying for, and shipping large commodities such as furniture and home appliances. The company connects mainly Asia-based manufacturers with online retailers in Asia, the US and Europe.
For a deeper dive into GigaCloud, read SA contributor Donovan Jones, “GigaCloud Technology Readies $40 Million US IPO.”
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