Shares of Masonglory Ltd. (MSGY) surged 7.00% in Tuesday's intraday trading, marking a strong market debut following the company's initial public offering (IPO). The significant uptick comes as investors show enthusiasm for the newly listed stock on the Nasdaq Capital Market.

Masonglory had announced on Monday that it had priced its IPO at $4 per share, offering 1.5 million ordinary shares to raise approximately $6 million. The company also granted underwriters a 45-day option to purchase up to an additional 225,000 shares to cover over-allotments, potentially increasing the total raise. Trading of Masonglory shares on the Nasdaq Capital Market commenced on Tuesday, with the offering expected to close on Wednesday.

The successful IPO and subsequent stock surge highlight investor confidence in Masonglory's future prospects. The company stated that it plans to use the net proceeds from the offering for various strategic initiatives, including expanding its staff and acquiring additional machinery. This capital infusion is expected to support Masonglory's growth plans and operational expansion in the coming months.