Shares of Ruanyun Edai Technology Inc. (RYET) soared an impressive 82.50% during intraday trading on Tuesday, marking a spectacular debut on the Nasdaq Capital Market. This surge comes on the heels of the company's initial public offering (IPO), which was priced at $4 per share.
The Chinese education technology company announced late Monday that it had successfully priced its IPO of 3.75 million shares, raising approximately $15 million in gross proceeds. The strong market response suggests that investors are showing significant interest in Ruanyun's business model and growth prospects in the edtech sector.
Ruanyun Edai Technology plans to utilize the IPO proceeds for various strategic initiatives, including research and development and the creation of new content. This capital injection is expected to fuel the company's expansion and strengthen its position in the competitive education technology market. Additionally, underwriters have been granted a 45-day option to purchase up to an additional 562,500 shares, which could potentially increase the total proceeds if exercised.
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