Everbright Digital Holding Limited (EDHL) stock is soaring 15% in its trading debut on Thursday, following the company's successful initial public offering (IPO). The strong market reception comes as investors show enthusiasm for the newly listed digital holding company.
EDHL announced late Wednesday that it had priced its IPO of 1.5 million ordinary shares at $4 per share, raising $6 million in gross proceeds. The company also granted underwriters a 45-day option to purchase up to an additional 225,000 shares. Trading of EDHL's ordinary shares on the Nasdaq Capital Market under the ticker symbol "EDHL" commenced on Thursday.
The company plans to use the net proceeds from the IPO for various strategic initiatives, including marketing and business expansion, research and development of its core technologies, business development, and talent acquisition and training. This capital infusion is expected to fuel EDHL's growth and strengthen its market position in the digital holding sector, which likely contributes to investor optimism driving the stock's impressive debut performance.
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