The Growhub Limited (TGHL.US), a Singapore-headquartered blockchain technology provider for food supply chain traceability, experienced a challenging debut on Nasdaq, closing at $3.38 on its first trading day, representing a 15.50% decline from its $4 IPO price.

The company issued 3.8 million ordinary shares at $4 per share, raising approximately $15 million in gross proceeds. The offering was priced at the lower end of the previously announced range of $4 to $5 per share.

The Growhub Limited's core business centers on its proprietary blockchain traceability platform, which is built on the third-party Polygon blockchain network. The platform aims to enable comprehensive traceability throughout the food supply chain, from origin to end consumers through technological solutions.

Currently, the platform has developed three core solution systems: a comprehensive traceability system covering cultivation, breeding, processing, and transportation stages; an anti-counterfeiting verification system based on blockchain encryption technology; and a carbon footprint tracking solution for food carbon emission management.

According to public information, the company has expanded its operations across multiple countries in Asia and Oceania, establishing partnership networks in Australia, Bhutan, Japan, Singapore, Indonesia, Vietnam, Malaysia, and other markets.

The Nasdaq listing was managed by joint bookrunners Alexander Capital and Network 1 Financial Securities.