Hong Kong-based e-commerce services provider GigaCloud Technology (NASDAQ:GCT) saw its shares rocket over 200% Friday, the day after it held a $36M initial public offering.
Shares of GigaCloud opened at $26.64, slipping to a low of $24.81 in early trading before climbing to a high of $58.37 in late morning. The stock recently changed hands at $48.58, up 210% from Thursday’s close, at approximately 12:30 p.m. ET.
GigaCloud’s stock debuted on Thursday, climbing 28% to close at $15.69. The tech company offered 2.94M shares priced at $12.25 per share.
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, which are located 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”.