11:36 AM EDT, 09/05/2024 (MT Newswires) -- Powell Max ( PMAX ) shares were up 4% in recent Thursday trading after opening at $4.3 each, higher than the company's initial public offering price of $4.

The IPO comprises roughly 1.4 million class A ordinary shares, with gross proceeds expected at $5.7 million. The IPO underwriter has a 45-day overallotment option to acquire up to 214,012 additional shares.

Powell Max ( PMAX ) said Thursday it expects the offering to close Friday and plans to use the net proceeds for setting up overseas business entities, branches and offices, as well as for working capital and general corporate purposes.

Price: 4.16, Change: +0.16, Percent Change: +4.00