JM Group Limited (JMG) surged 11.75% intraday on its debut on the NYSE American, following the pricing of its initial public offering (IPO) at $4 per share. The company expects gross proceeds of $15 million from the offering of approximately 3.8 million ordinary shares.
Underwriters have been granted a 45-day option to purchase up to 562,500 additional shares. The offering is set to close this Thursday, subject to customary closing conditions. The strong debut reflects investor enthusiasm for the newly listed stock.
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