Shares of Wellchange Holdings (NASDAQ: WCT) climbed 5% in the company's trading debut on Wednesday, capitalizing on investor enthusiasm following its recent $4.4 million initial public offering.
The Hong Kong-based enterprise software solution provider priced its IPO of 2 million shares at $4 per share on Tuesday. Of the total offering, 1.1 million shares were issued by Wellchange, while the remaining 900,000 shares were sold by an existing shareholder.
The strong first-day performance underscores Wall Street's appetite for the newly public company, which plans to use the $4.4 million in proceeds to enhance its service capabilities, expand its software-as-a-service (SaaS) platform, ramp up marketing efforts, and pursue international growth opportunities.
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