Baiya International (BIYA) said Monday it closed the initial public offering of 2.5 million ordinary shares at $4 apiece for $10 million in gross proceeds.

It also granted the underwriters a 45-day option, exercisable after the closing of the offering, to buy up to 375,000 additional ordinary shares. The company said that if the overallotment is fully exercised, it might raise approximately $11.5 million in total gross proceeds.

The company plans to use the net proceeds to develop its cloud-based internet platform Gongwuyuan, for growth opportunities, marketing efforts, increases in employee compensation and training enhancements, and for other general corporate purposes.

The stock began trading on Nasdaq under the ticker symbol BIYA on Friday.