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Investing.com -- iOThree Limited, a key player in maritime digital technologies, started trading on the Nasdaq Capital Market today at a price of $3.60 per share, which is below the initial public offering (IPO) price of $4.00 per share. The shares are now being traded under the ticker "IOTR".
The IPO consisted of a total of 2,100,000 ordinary shares, with a par value of $0.00625 per share. The company itself offered 1,650,000 of these shares, while the remaining 450,000 shares were offered by the company's selling shareholders.
iOThree Limited expects to raise gross proceeds of $6.6 million from this IPO, before any deductions for underwriting discounts and other related expenses. The company has also provided the underwriters with a 45-day over-allotment option. This allows the underwriters to buy up to 247,500 additional ordinary shares at the IPO price, minus underwriting discounts, to cover any over-allotments.
Eddid Securities USA Inc. is leading the underwriting for this IPO, while Network 1 Financial Securities, Inc. is a co-underwriter.
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