Pitanium (PTNM) said Monday it closed its initial public offering of 1.75 million class A shares at $4 apiece, raising $7 million.
The company said it offered its underwriter, Cathay Securities, a 45-day option to purchase up to 262,500 additional class A shares. The shares began trading on May 30.
Proceeds from the IPO will be used among others to launch a mobile application, to develop a new line of products and for general corporate purposes, it said.
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