Yimutian (YMT) shares surged 29% in their Nasdaq debut on Tuesday.

The firm priced a $20.5 million initial public offering of 5.01 million American depositary shares at $4.10 apiece

The offering is expected to close on or about Wednesday, and the company granted the underwriter a 45-day option to purchase up to 678,300 additional ADSs.

Yimutian said it intends to use the net proceeds for expanding its digital agricultural commerce services, developing technology infrastructure and product operations tied to its new business initiatives, the expansion of its agricultural sourcing and trading services, working capital, and general corporate purposes.

Price: 5.29, Change: +1.19, Percent Change: +29.02