Oriental Rise Holdings Limited (ORIS), a supplier of tea products in mainland China, priced its streamlined IPO of 1.75 million shares – trimmed from 2.0 million shares – at $4.00 – the assumed IPO price – to raise $7.0 million on Wednesday night, Oct. 16, 2024. Shares of Oriental Rise Holdings Limited opened at $5.10 – up $1.10 or up more than 25 percent from their IPO price – at 10:20 a.m. EDT on Thursday, Oct. 17, 2024, in their NASDAQ debut on volume of just 81,540 shares.
By late morning trading, Oriental Rise Holdings Limited’s stock had scored a moonshot – hitting a session high of $10.65 – up $6.65 or 166.25 percent from its $4.00 IPO price. A moonshot occurs when a stock gains 100 percent or more from its IPO price on its first day of trading. By afternoon trading, Oriental Rise Holdings Limited’s stock had pulled back from its high to trade at $6.12 – still up $2.12 -or 53 percent – from its $4.00 IPO price on volume of nearly 1.47 million shares. As it turned out, Oriental Rise Holdings Limited’s opening trade – at $5.10 – was its low for its NASDAQ debut.
Oriental Rise Holdings Limited’s stock closed at $6.00 – up $2.00 or up 50 percent from its $4.00 IPO price – on Thursday, Oct. 17, 2024, its first day of NASDAQ trading – on volume of 1,645,469 shares.
US Tiger Brokers acted as the sole book-runner of Oriental Rise Holdings Limited’s small IPO.
At pricing, Oriental Rise Holdings had a market cap of $87 million.
Oriental Rise Holdings, based in Ningde City in the Fujian Province of mainland China, cultivates and processes tea leaves and sells tea products to tea business operators such as wholesale distributors and end-user retail customers in mainland China, according to the prospectus. The company began production and sales of tea in March 2014.
The company is profitable, reporting net income of $11.5 million on revenue of $24.12 million for the year that ended Dec. 31, 2023, the prospectus showed.
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