Hong Kong Pharma Digital Technology (HKPD) said Thursday it closed initial public offering of 1.4 million ordinary shares at $4 each, including 1 million by the company and 403,685 by selling shareholders.
The IPO raised $5.6 million in gross proceeds, including $4 million for the company and $1.6 million for selling shareholders.
The shares started trading on the Nasdaq Capital Market under the ticker symbol "HKPD" on Wednesday.
The company has granted the underwriters a 45-day over-allotment option to purchase up to an additional 150,000 shares.
Hong Kong Pharma provides over-the-counter pharmaceutical cross-border e-commerce supply chain services in Hong Kong. It plans to use proceeds toward upgrading enterprise resource planning systems, acquiring warehouse equipment, expanding sales and marketing team, and general corporate needs.
Shares were up nearly 3% in recent trading.
Price: 2.90, Change: +0.08, Percent Change: +2.84
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