Huachen AI Parking Management Technology Holding Co., Ltd (NASDAQ: HCAI) saw its shares surge 9.75% in its trading debut on the Nasdaq on Wednesday, one day after the Chinese smart parking solutions provider priced its $6 million initial public offering.
The Jiaxing, China-based company offered 1.5 million ordinary shares at $4 apiece in its IPO. HCAI granted underwriters a 45-day option to purchase up to an additional 225,000 shares to cover over-allotments.
The strong first-day pop comes as investors snapped up shares of the newly public parking technology firm. It's common to see elevated volatility and share price movements when companies first become publicly traded as supply and demand dynamics get established in the market.
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