10:24 AM EDT, 09/05/2024 (MT Newswires) -- Powell Max ( PMAX ) said Thursday it priced an initial public offering of about 1.4 million class A ordinary shares at $4 apiece, which is at the low end of the expected range of $4 to $6 per share.

The company said shares will start trading on the Nasdaq Capital Market Thursday with the offering expected to close on Friday.

Gross proceeds from the IPO will be about $5.7 million and funds raised will be allocated toward establishing international business units, branches, and offices, according to the company.

Net proceeds will also be used for potential mergers and acquisitions, debt repayment and general corporate purposes, including working capital, Powell Max ( PMAX ) added.

Powell Max ( PMAX ) granted the underwriter a 45-day option to buy up to an additional 214,012 shares in the offering.