Shares of The Growhub Limited (TGHL) are soaring 5% in intraday trading on Thursday, marking a strong debut for the Singapore-based blockchain technology company on the Nasdaq Stock Market. The surge comes as TGHL begins trading following its initial public offering (IPO), which was priced at $4 per share.
The company announced late Wednesday that it had successfully priced its IPO of 3.75 million Class A shares, raising a total of $15 million. The IPO underwriter has been granted a 45-day option to purchase an additional 562,500 shares to cover over-allotments, potentially increasing the total funds raised.
The enthusiastic market response to The Growhub Limited's public debut underscores investor interest in blockchain technology companies. As TGHL begins its journey as a publicly-traded entity, market participants will be closely watching its performance to gauge both the company's potential and broader sentiment towards blockchain-focused stocks in the current financial landscape.