01:34 PM EST, 12/19/2024 (MT Newswires) -- New Century Logistics ( NCEW ) said Thursday it has completed its initial public offering of 1.5 million shares at $4 per share, raising $6 million in gross proceeds.

The company granted its underwriters a 45-day option to buy up to an additional 225,000 shares. New Century said it plans to use the net proceeds for business expansion and technology development, among others.

Shares of the company rose past 5% in recent trading.

Price: 2.67, Change: +0.13, Percent Change: +5.12