11:23 AM EDT, 05/15/2024 (MT Newswires) -- Raytech ( RAY ) shares surged 39% in recent trading Wednesday, after the company priced an initial public offering on the Nasdaq at $4 per share.

The stock opened at $5.05 per share, above the IPO price.

The OEM manufacturer of personal care electrical appliances said Wednesday it priced its IPO of 1.5 million ordinary shares, for gross proceeds of $6 million.

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.

Price: 5.57, Change: +1.57, Percent Change: +39.18