Shares of BrilliA Inc. (BRIA) surged 5.5% in Wednesday trading following the apparel design company's pricing of its $10 million initial public offering (IPO) the previous day.
BrilliA said late Tuesday it priced an IPO of 2.5 million Class A ordinary shares at $4.00 per share to raise approximately $10 million in gross proceeds. The company also granted underwriters a 45-day option to purchase up to 375,000 additional shares.
The stock is expected to begin trading on the New York Stock Exchange under the ticker symbol "BRIA" on Wednesday, with the offering anticipated to close this Friday.
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