UTime Limited (NASDAQ:UTME) rose sharply Wednesday, a day after the company priced its IPO at $4 per share.
The offering to the public is expected to raise a total of $15 million of gross proceeds to UTime.
The ordinary shares began trading on the NASDAQ Capital Market on Tuesday, under the symbol “UTME.” The offering is expected to close on Thursday subject to customary closing conditions.
Boustead Securities, LLC acted as the lead underwriter for the offering, with Brilliant Norton Securities Company Limited and Fosun Hani Securities Limited serving as co-underwriters.
A registration statement relating to these securities was filed with the Securities and Exchange
UTime Limited operates as a mobile device manufacturing company committed to providing cost effective products and solutions to consumers globally and helping low-income individuals from established and emerging markets.
UTime Limited is mainly engaged in the design, development, production, sales and brand operation of mobile phones, accessories and related consumer electronics. UTime Limited values systematic management and organizes production with strict high-quality standards and production technologies.
UTME opened Wednesday up $20.40, or 52.3% to $59.40.