Masonglory Ltd. (MSGY) shares are soaring 7.00% in intraday trading on Tuesday, marking a strong debut on the Nasdaq Capital Market. The significant uptick comes on the heels of the company's initial public offering (IPO) announcement.

On Monday, Masonglory revealed that it had priced its IPO at $4 per share, offering 1.5 million ordinary shares to raise approximately $6 million. The company has also granted underwriters a 45-day option to purchase up to an additional 225,000 shares to cover over-allotments, potentially increasing the total proceeds.

The newly public company plans to allocate the net proceeds from the IPO towards strategic initiatives, including staff expansion and the acquisition of additional machinery. This capital infusion is expected to fuel Masonglory's growth plans and operational capabilities. The offering is anticipated to close on Wednesday, solidifying Masonglory's position in the public markets.