02:31 PM EDT, 10/15/2024 (MT Newswires) -- Star Fashion Culture Holdings ( STFS ) said Tuesday it has closed its initial public offering of roughly 2.2 million class A common shares at $4 apiece for gross proceeds of roughly $8.6 million.

Underwriters have a 30-day overallotment option to purchase up to an additional 322,500 shares, the company said.

The company's shares began trading on the Nasdaq Capital Market Oct. 11.

Star Fashion Culture Holdings ( STFS ) shares were down nearly 9% in recent trading.

Price: 3.06, Change: -0.30, Percent Change: -8.93