Shanghai-based NetClass Technology (NTCL)priced its micro-cap IPO at $5.00 – the mid-point of its $4.00-to-$6.00 price range – on 1.8 million shares to raise $9.0 million on Thursday night. At pricing, NetClass Technology had a market cap of $77.8 million.
NetClass Technology shares started trading today – Friday, Dec. 13, 2024 – at $5.25 – up 25 cents from their IPO price – on NASDAQ.
Newbridge Securities and Revere Securities acted as the joint book-runners.
NetClass Technology provides smart IT services to schools and other clients. Its offerings include SaaS subscription services to schools, training institutions, corporations, government agencies and other institutions, and corporate customers in China. (SaaS stands for Software as a Service.) The company is incorporated in the Cayman Islands.
NetClass Technology is not profitable. The company reported a net loss of $2.72 million on revenue of $11.59 million for the 12 months that ended March 31, 2024.
