Shares of WF International (NASDAQ: WXM) surged 5% in their trading debut on Tuesday, following the company's initial public offering (IPO). The electromechanical services provider's strong start reflects investor enthusiasm for new listings in the market.
WF International had announced on Monday that it had priced its IPO at $4 per share, offering 1.4 million ordinary shares to raise $5.6 million in gross proceeds. The company's shares were approved for listing on the Nasdaq Capital Market under the ticker symbol "WXM", with trading commencing on Tuesday.
The positive reception of WF International's IPO suggests that investors are optimistic about the company's growth prospects in the electromechanical services sector. Additionally, the company granted underwriters a 45-day option to purchase up to an additional 210,000 ordinary shares, which could potentially increase the total proceeds from the offering. As the IPO is expected to close on Wednesday, market participants will be closely watching WXM's performance in the coming days to gauge longer-term investor sentiment.
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