LZ Technology Holdings Limited (LZMH) stock soared by a remarkable 69.50% on Thursday, marking a strong debut for the company's shares on the Nasdaq exchange.
The Huzhou, China-based information technology and advertising firm saw its shares jump to $6.50, rising more than 62% from its initial public offering (IPO) price of $4 per share. LZ Technology had offered 1.8 million Class B shares to raise expected gross proceeds of $7.2 million, with underwriters granted an option to purchase an additional 270,000 shares.
The company's successful Nasdaq listing and strong investor interest fueled the sharp rise in its stock price on the first trading day. The IPO proceeds will be utilized for research and development, international expansion, strategic acquisitions, marketing efforts, and working capital, according to LZ Technology.
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