Energys (ENGS) said Wednesday it closed its initial public offering of roughly 2.3 million shares at $4.50 apiece for gross proceeds of about $10.1 million.

Underwriters have a 45-day overallotment option to purchase up to an additional 337,500 shares, the company said.

Net proceeds will be used to expand the company's UK operating network, procure inventory, set up operating subsidiaries in the US, identify and pursue potential mergers and acquisitions, expand research and development, and repay certain bank borrowings as well as for general working capital, it added.

The company's shares began trading on the Nasdaq Capital Market Tuesday.

Energys' shares were down 3% in recent trading.

Price: 4.80, Change: -0.15, Percent Change: -3.03