Green Circle Decarbonize Technology (GCDT) Wednesday said it closed its initial public offering of 2.5 million shares priced at $4 per share for gross proceeds of $10 million.

The underwriters were granted a 45-day option to purchase up to 375,000 additional shares at the public offering price, the company said.

Green Circle Decarbonize Technology said it intends to use the net proceeds for construction of a factory to expand its production capacity, acquisition of necessary machinery, and repayment of certain borrowings, among others.

Price: 5.60, Change: +1.39, Percent Change: +33.02