Micware Co., Ltd.'s stock soared 7.00% in intraday trading on Thursday as the Japan-based software and IT services provider made its debut on the Nasdaq Global Market.
The company priced its initial public offering of approximately 2.9 million American depositary shares at $8 per share, raising about $22.8 million in gross proceeds. The funds are expected to support the company's DSMM project, expand its micAuto-PF infotainment platform, and fund SDV and location-based services investments, as well as for general corporate purposes.
Micware, which focuses on software development services and IT solutions for the automotive and mobility sectors, commenced trading under the ticker symbol "MWC" on Thursday. The company has established relationships with major Japanese automakers including Honda and Toyota, and was ranked 9th among Japan-based Tier 1 suppliers in the in-vehicle infotainment market.
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