MasterBeef Group (MB) stock is soaring 11% in intraday trading on Thursday, marking a strong debut on the Nasdaq Capital Market following its initial public offering (IPO). The company, which specializes in beef products and restaurants, priced its IPO at $4.00 per share, raising $8 million in gross proceeds.
The IPO consisted of 2 million common shares, with underwriters granted a 45-day option to purchase up to an additional 300,000 shares. MasterBeef plans to use the net proceeds to fuel its expansion, including opening new restaurants and franchises in Hong Kong, Singapore, and other Southeast Asian countries. The funds will also support marketing campaigns, production of packaged food products, and technology investments.
Investors appear enthusiastic about MasterBeef's growth prospects, driving the stock price significantly higher on its first day of trading. The successful IPO and strong market debut suggest confidence in the company's business model and expansion plans in the competitive food industry. However, it's worth noting that certain existing shareholders plan to resell about 1.8 million shares, which could impact the stock's performance in the coming days.
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