05:48 PM EDT, 06/24/2024 (MT Newswires) -- Rectitude Holdings ( RECT ) said Monday it has closed its initial public offering of 2 million ordinary shares at $4 per share, raising gross proceeds of $8 million.

The company will use the proceeds for marketing and promotional campaigns, product development, digital transformation and system upgrades, as well as general corporate purposes.

Shares of Rectitude, which began trading on the Nasdaq on Friday, were down 4.3% at $3.54 in recent after-hours activity.

Price: 3.5400, Change: -0.16, Percent Change: -4.32