Jiade Limited Shares Rise 26% on Second Day of Trading

Dow Jones05-16

By Chris Wack

Jiade Limited shares were up 26% to $5.14, one day after the company's initial public offering.

The company, which provides education support services to adult education institutions, on Wednesday priced its initial public offering of 2 million shares at a public offering price of $4 a share.

The shares listed on the Nasdaq Capital Market, and have traded as high as $7.46 and as low as $3.60 a share in the past two days.

Jiade has granted the underwriters a 60-day option to buy up to an additional 300,000 shares at the public offering price, less underwriting discounts.

The offering is expected to close on or about Friday.

The company said it will use proceeds from the offering primarily to expand sales and operation teams, and enhance marketing efforts, buy vocational education and training institutions authorized by China, and establish 8 to 10 examination centers, as well as for working capital and other general corporate purposes.

Write to Chris Wack at chris.wack@wsj.com

(END) Dow Jones Newswires

May 16, 2024 11:10 ET (15:10 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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