CTRL Group Ltd (MCTR), an integrated marketing and advertising services provider specializing in mobile games promotion in Hong Kong, saw its stock soar 12.70% in after-hours trading on Wednesday. This jump came following the successful pricing of the company's $8 million initial public offering (IPO) on the Nasdaq Capital Market.
In the IPO, CTRL Group offered 2 million ordinary shares at $4 per share, raising $8 million in gross proceeds. The company granted underwriters a 45-day option to purchase an additional 300,000 shares. The funds raised will be used for regional expansion, working capital for its mobile game operations, potential acquisitions of media companies, and general corporate purposes.
The stock began trading on the Nasdaq under the ticker symbol "MCTR" on Wednesday, marking a milestone for the Hong Kong-based company. Investors seem optimistic about CTRL Group's prospects in the competitive mobile game advertising market, driving the strong after-hours performance.
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