Delixy (DLXY) said Thursday it has closed its initial public offering of 2 million ordinary shares at $4 per share.
The offering raised total gross proceeds of $8 million, consisting of nearly 1.4 million shares from the company and 650,000 shares from selling shareholders, Mega Origin and Novel Majestic.
The Singapore-based oil trader received a total of $5.4 million in gross proceeds, which it plans to use to support product offerings, general working capital and corporate purposes, among others.
The company also registered a prospectus for the resale of 3 million shares held by Cosmic Magnet, Rosywood Holdings, Dragon Circle, Novel Majestic Limited and Golden Legend Ventures.
Delixy's ordinary shares commenced trading on the Nasdaq Capital Market on Wednesday, under the ticker symbol "DLXY."
Shares of Delixy were down more than 9% in recent Thursday trading.
Price: 4.56, Change: -0.39, Percent Change: -7.88
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