05:09 AM EST, 01/23/2025 (MT Newswires) -- (Updates with the stock move in the headline and the second paragraph.)

CTRL Group ( MCTR ) said Wednesday it priced an initial public offering of 2 million ordinary shares at $4 apiece for gross proceeds of $8 million.

The Hong Kong marketing and advertising services provider began trading on the Nasdaq under the symbol "MCTR" on Jan. 22. Its shares surged over 30% in premarket activity Thursday after closing 8.3% higher in regular trading Wednesday.

CTRL ( MCTR ) has granted the underwriters a 45-day option to buy up to 300,000 additional shares.

The proceeds from the offering, which will likely close on or about Jan. 23, are mainly intended for business expansion, working capital, potential acquisition of media companies, and general working capital.

Price: 5.66, Change: +1.33, Percent Change: +30.72