Magnitude International (MAGH) shares debuted on Nasdaq Tuesday at $3.8 per share, 5% lower than the initial public offering's price.
The electrical installation service provider said late Monday it priced an IPO of 2.2 million shares at $4 per share, for gross proceeds of $8.8 million.
The IPO consists of 1.65 million shares offered by the company and 550,000 shares from an existing shareholder. The offering is slated to close on Wednesday.
The company said it intends to use the proceeds for acquisitions, to purchase materials, workforce expansion, facility upgrades, digital transformation initiatives, as well as working capital and general corporate purposes.
Price: 3.59, Change: -0.41, Percent Change: -10.25
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