Inlif (INLF) said Friday it has closed its initial public offering of 2 million common shares at $4 apiece for gross proceeds of $8 million.

Underwriters have a 45-day overallotment option to purchase up to an additional 300,000 shares, the company said.

Net proceeds will be allocated toward the construction of a 5G digital intelligent equipment production base, setting up 24 local marketing and service offices, construction of a research and development center and working capital.

The company's shares began trading on the Nasdaq Capital Market Jan. 2.

Inlif shares were up 16% in recent trading.

Price: 5.16, Change: +0.71, Percent Change: +16.00