Happy City Holdings (HCHL) said Wednesday it closed its initial public offering of 1.1 million class A ordinary shares at $5 per share for gross proceeds of $5.5 million.
The shares of the Hong Kong all-you-can-eat hotpot restaurant operator began trading on the Nasdaq Capital Market on Tuesday.
The company said it granted the underwriters a 45-day option to buy up to 165,000 more shares, representing 15% of the shares sold in the offering.
Happy City said it plans to use the net proceeds to expand its business in Hong Kong and Southeast Asia and for working capital and general corporate purposes.
The company's shares jumped 14% in recent Wednesday trading.
Price: 5.71, Change: +0.71, Percent Change: +14.16
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