Texxon Holding Limited (NPT), a leading provider of supply chain management services in the plastics and chemical industries in East China, saw its stock soar 6.40% in intraday trading on Wednesday. The surge comes as the company announced the pricing of its initial public offering (IPO) and commenced trading on the Nasdaq Capital Market.

The company priced its IPO at $5.00 per ordinary share, offering 1,900,000 shares to raise aggregate gross proceeds of $9.5 million. Texxon has also granted the underwriters an over-allotment option to purchase up to an additional 285,000 ordinary shares at the public offering price. The shares began trading under the ticker symbol "NPT" on the Nasdaq Capital Market.

Texxon plans to use the net proceeds from the offering for several key initiatives, including the construction of a polystyrene manufacturing factory in Henan Province, China, updating its supply chain management platform, and for working capital. This strategic allocation of funds aims to strengthen the company's market position and drive future growth in the plastics and chemical industries supply chain sector. Investors appear to be responding positively to Texxon's market debut and growth prospects, as reflected in the stock's strong performance on its first day of trading.