01:43 PM EDT, 08/30/2024 (MT Newswires) -- Work Medical Technology Group ( WOK ) shares jumped 33% in recent trading Friday, a day after it said the underwriter of its initial public offering partially exercised overallotment option to buy additional shares.

The underwriter brought 91,942 ordinary shares at $4 apiece, bringing total number of shares sold in the IPO to about 2.1 million shares and the gross proceeds to roughly $8.4 million.

Work Medical ( WOK ) will use the proceeds to upgrade equipment, increase production, develop masks and other medical consumables and devices, marketing, patent purchases, and for working capital and other general corporate purposes.

The shares started trading on Nasdaq Friday last week, while the company closed the IPO on Monday.

Price: 5.23, Change: +1.30, Percent Change: +33.08