Shares of TCGX Acquisition Corp surged 5% during intraday trading on Wednesday, as the special purpose acquisition company made its debut on the Nasdaq Capital Market following its initial public offering.

The company priced its IPO of 7.5 million class A shares at $10 per share, generating gross proceeds of approximately $75 million. The stock began trading under the ticker symbol "TCGX," with the offering expected to close on Thursday, subject to customary conditions.

The first-day pop reflects investor appetite for the newly listed SPAC, which is now poised to seek a merger target with the proceeds from its offering.