B2B ecommerce solutions provider GigaCloud Technology Inc (Nasdaq: GCT) started trading on the Nasdaq Capital Market on Thursday. The Hong Kong-based firm aimed to raise US$36 million in its debut on the US big board.
The offering consisted of 2.94 million Class A common shares priced at US$12.25 per share. The shares are trading on the Nasdaq board under the symbol “GCT”.
Since the debut, the company’s shares have soared 206% as of last trading day.
Aegis Capital Corp. serves as the sole bookrunner for the said offering. The underwriter was given a 45-day over-allotment option to purchase up to an additional 15% of the offering size, potentially pushing the total gross proceeds to US$41 million.
The offering is expected to close on Monday, subject to satisfaction of customary closing conditions.
The company’s B2B ecommerce platform integrates discovery, payments and logistics tools for its institutional clients.
GigaCloud Technology last traded at US$48.01, then rose 16.35% after-hours.
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