Delixy Holdings Ltd. (DLXY) stock is soaring 5.00% in intraday trading on Wednesday, marking a strong debut on the Nasdaq Capital Market. The surge comes as the Singapore-based oil trader priced its initial public offering (IPO) at $4 per share, offering a total of 2 million ordinary shares to the public.

The IPO consists of approximately 1.4 million shares from the company and 650,000 shares from selling shareholders, Mega Origin and Novel Majestic. Delixy Holdings expects to receive gross proceeds of about $5.4 million from the offering. The company plans to use these funds to expand its product offerings, strengthen its market position, pursue potential acquisitions and partnerships, and support general working capital and corporate needs.

The strong market reception to Delixy's IPO reflects investor confidence in the company's growth prospects. Trading under the ticker "DLXY," the stock's impressive 5% gain on its first day suggests that market participants are optimistic about the oil trader's future in the public markets. The IPO's closing is expected to occur on or about July 10, subject to customary closing conditions.