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Investing.com -- Acco Group Holdings Ltd (NASDAQ:ACCL) began trading on the Nasdaq Capital Market Friday at $4.05 per share, slightly above its initial public offering (IPO) price of $4.00.
The Hong Kong-headquartered corporate services provider offered 1,400,000 ordinary shares, raising approximately $5.6 million in gross proceeds before deducting underwriting discounts and other offering expenses.
Acco Group, which operates under the "Accolade" brand, provides corporate secretarial and accounting services in Hong Kong, along with intellectual property registration services in Singapore. The company serves clients ranging from individuals to multinational corporations.
The company plans to use the net proceeds to expand its corporate service business, incorporate generative artificial intelligence features into its business modules, establish branch offices in the United States, enhance its global brand presence, and for general working capital purposes.
Acco Group has granted underwriters a 45-day option to purchase up to an additional 210,000 ordinary shares at the offering price, representing 15% of the shares sold in the IPO.
Craft Capital Management LLC is acting as the representative of the underwriters, with Revere Securities LLC also serving as an underwriter for the offering.
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