Shares of Oriental Rise Holding Limited (NASDAQ: ORIS), a supplier of tea products in mainland China, surged 27.50% to close at $5.10 on Thursday, following the company's successful pricing of its initial public offering (IPO).
On Wednesday, Oriental Rise Holding announced that it had priced its IPO of approximately 1.8 million ordinary shares at $4 per share, raising gross proceeds of $7 million. The company granted the underwriter a 45-day option to purchase up to 262,500 additional shares.
The strong debut performance of Oriental Rise Holding's stock reflects investor enthusiasm for the company's business prospects and growth potential. The proceeds from the IPO will be used to settle payments related to certain contractual agreement rights of tea gardens, construct a production plant, purchase equipment, and fund other operational needs.
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