Hong Kong's GigaCloud stock jumps 14% following $36M US IPO

Prykhodov

Chinese e-commerce services provider GigaCloud Technology (GCT) saw its shares jump 14% following its $36M US initial public offering on Thursday.

Shares of GigaCloud opened at $19.20, reaching a high of $21.22 in early trading before sliding to a low of $12.51 in late morning. The stock recently changed hands at $13.90 at approximately 12:40 p.m. ET.

The company offered 2.94M shares priced at $12.25 per share, raising around $36M. Underwriters were granted a 45-day option to buy additional shares of up to 15% of the number of shares sold to cover overallotments. Aegis Capital is serving as sole bookrunner.

Based in Hong Kong, GigaCloud provides e-commerce solutions for the discovery, payment and shipping of large merchandise such as furniture and appliances. The company connects manufacturers based primarily in Asia with online resellers in Asia, the US and Europe.

For a more in-depth look at GigaCloud, check out SA contributor Donovan Jones’s “GigaCloud Technology Readies $40 Million US IPO”.