One and One Green Technologies Inc. (NASDAQ: YDDL), a Philippines-based waste materials and scrap metal recycling company, saw its stock soar 15% in intraday trading following its initial public offering (IPO) on the Nasdaq Capital Market. The company's strong debut comes after pricing its IPO at $5.00 per share, raising $10 million in gross proceeds.
The IPO, which closed on Friday, consisted of 2 million Class A ordinary shares. Additionally, One and One Green granted underwriters a 30-day option to purchase up to 300,000 additional shares to cover over-allotments. Cathay Securities Inc. acted as the sole underwriter for the offering.
One and One Green Technologies stands out in the industry with its government-issued license to import hazardous waste as raw materials into the Philippines and its substantial annual processing capacity of approximately 300,000 tons. The company's focus on environmentally friendly technologies, including an innovative exhaust gas recirculation system, has positioned it as a leader in the waste recycling sector.
The successful IPO and strong market debut suggest investor confidence in One and One Green's business model and growth potential. The company plans to use the proceeds to expand its sourcing of raw materials from Japan and South Korea and broaden its presence across Southeast Asia and other international markets.
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