05:00 AM EDT, 04/23/2024 (MT Newswires) -- Mingteng International ( MTEN ) , an automotive mold developer and supplier in China, said it closed its initial public offering of 1.05 million ordinary shares at $4 apiece, with gross proceeds of $4.2 million.

The ordinary shares began trading on the Nasdaq Capital Market on April 18 under the MTEN ticker symbol.

The company granted the underwriters a 45-day option to purchase up to 157,500 additional ordinary shares.

Net proceeds will be used, among other things, to invest in new production facilities to improve production capacity and purchase high-end production equipment.