Green Circle Decarbonize Technology said late Monday it priced its initial public offering of 2.5 million shares at $4 per share for estimated gross proceeds of $10 million.

The shares are expected to begin trading on the NYSE American Market on Tuesday, under the ticker "GCDT."

Underwriters have been granted a 45-day option to purchase up to an additional 375,000 shares.

Proceeds from the offering, expected to close Wednesday, will be used to build a new factory to expand production capacity, purchase equipment, repay certain debt, and for general working capital purposes, the company added.