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Investing.com -- Texxon Holding Ltd, a supply chain management services provider for the plastics and chemical industries in East China, started trading on the Nasdaq Capital Market Wednesday at $5.15 per share, above its initial public offering (IPO) price of $5.00.
The company offered 1,900,000 ordinary shares, raising $9.5 million in gross proceeds before deducting underwriting discounts and other expenses. Texxon’s shares are trading under the ticker symbol "NASDAQ:NPT."
Texxon plans to use the proceeds for several initiatives, including constructing a polystyrene manufacturing factory in Henan Province, China, updating its supply chain management platform, and working capital.
The company has granted underwriters an over-allotment option to purchase up to an additional 285,000 ordinary shares at the public offering price, less underwriting discounts. D. Boral Capital LLC is serving as the sole book-running manager for the offering, which is being conducted on a firm commitment basis.
Texxon describes itself as a provider of a full spectrum of services to Chinese SME customers through its technology-enabled platform, including procurement, shipping and logistics, payments and fulfillment services. The company aims to build the largest one-stop plastic and chemical raw material supply chain management platform in China.
With over a decade of experience, Texxon has collected substantial transaction data to analyze price trends and market demands to make informed decisions. The company has also developed a scalable distributed software architecture and an effective User Experience Design process to enhance customer experience.
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