10:33 AM EDT, 05/15/2024 (MT Newswires) -- Raytech ( RAY ) said Wednesday it priced its initial public offering of 1.5 million ordinary shares at $4 per share for gross proceeds of $6 million.

The shares started trading Wednesday on Nasdaq, said the Hong Kong-based company, which is involved in the design, sourcing and wholesale of personal care electrical appliances.

Underwriters were given an option, exercisable within 45 days from the closing of the offering, to buy up to an additional 225,000 shares at the IPO price, less underwriting discounts, to cover any over-allotments, the company said.

The offering is expected to close Friday.

Net proceeds will be used for marketing projects, recruitment of employees, investments and acquisitions, as well as general working capital, Raytech ( RAY ) said.