Shares of CTRL Group Ltd (MCTR) surged 5% in Wednesday's pre-market trading session, following the company's successful initial public offering (IPO) on the Nasdaq Capital Market.
CTRL Group, an integrated marketing and advertising services provider in Hong Kong specializing in mobile games promotion, priced its IPO at $4 per share, raising $8 million in gross proceeds. The company offered 2 million ordinary shares in the IPO, with an option for underwriters to purchase an additional 300,000 shares.
The company plans to utilize the IPO proceeds for expanding its operations to other regions, working capital as a mobile game operator, potential acquisitions of media companies, and general working capital purposes.
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