Investing.com -- CTRL Group Limited (Nasdaq: MCTR) is experiencing a positive trading session, with its stock currently up by 5.5%. The increase comes after the company’s shares began trading at $4.21, slightly above the initial public offering (IPO) price of $4.00 per share. The shares opened for trading shortly before 11AM ET on the day of the IPO.
The Hong Kong-based integrated marketing and advertising services provider, specializing in mobile games promotion, announced the pricing of its IPO at $4.00 per share for a total offering of 2 million ordinary shares. The shares, which are trading under the symbol "MCTR," were approved for listing on the Nasdaq Capital Market and began trading on January 22, 2025.
CTRL Group expects to receive aggregate gross proceeds of $8 million from the offering before underwriting discounts and other related expenses are deducted. The offering is anticipated to close around January 23, 2025, subject to customary closing conditions. Additionally, the underwriters have been granted a 45-day option to purchase up to an extra 300,000 ordinary shares at the public offering price, less the underwriting discounts.
The company plans to use the proceeds from the offering to expand to other regions, operate as a mobile game operator, acquire potential media companies, and for general working capital purposes. R.F. Lafferty & Co., Inc. is the representative of the underwriters, with Revere Securities LLC serving as co-underwriter for the offering.
CTRL Group’s wholly owned subsidiary, also named CTRL Group Limited, holds a prominent market share in Hong Kong’s specialized mobile game advertising sector, which is characterized by a limited number of market players. The company’s significant market presence and established track record highlight its ability to reach and engage audiences, making it a relevant choice for advertisers in the local market.
The positive response from the market may be attributed to the company’s strong position in a competitive industry and the potential for growth as indicated by its intended use of the IPO proceeds.
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