Bankers priced two small IPOs – Trident Digital Tech Holdings (TDTH)and XCHG Ltd. (XCH) – at or near the low end of their respective price ranges on Monday night, Sept. 9, 2024, to trade today – Tuesday, Sept. 10, 2024 – on the NASDAQ. Here are the pricing details:
* Trident Digital Tech Holdings (TDTH) priced its IPO at $5.00 – the low end of its $5.00-to-$7.00 price range – on 1.8 million American Depositary Shares (ADS) – to raise $9.0 million. Each ADS represents eight Class B ordinary shares. WallachBeth Capital was the sole book-runner. Revere Securities was the co-manager.
*XCHG Ltd. (XCH) priced its IPO at $6.20 – near the low end of its $6.00-to $8.00 price range – on 3.33 million ADS – to raise $20.7 million. Each ADS represents 40 shares. US Tiger Securities was the sole book-runner.
Shares of XCHG Ltd. jumped today – Tuesday, Sept. 10, 2024 – opening at $7.25 – up $1.05 or 16.94 percent from their $6.20 IPO price – on volume of 24,080 shares – when they started trading at 10:20 a.m. EDT on the NASDAQ. XCHG shares closed at $7.36 – up $1.16 or 18.71 percent in their NASDAQ debut. Volume for XCHG Ltd.’s first day of NADSAQ trading was about 1.03 million shares.
Shares of Trident Digital Tech Holdings opened Tuesday, Sept. 10, 2024, at $4.50 – 50 cents or 10 percent below their IPO price – on NASDAQ and closed their first day of trading at $3.83 – down $1.17 or 23.4 percent. Trident Digital Tech’s volume on NASDAQ was 679,240 shares for the day.
Trident Digital Tech Holdings (TDTH) – a participant in Singapore’s SMEs Go Digital program – provides digital solutions and services such as e-commerce platforms, digital marketing tools and data analytics software to small and medium enterprises (SMEs) in Singapore . In 2022, Trident Digital Tech ranked fourth in this digital services market, according to the Frost & Sullivan Report, the prospectus said. Trident Digital Tech was founded in 2014 as a full-service IT (information technology) company headquartered in Singapore.
Financial statements in the prospectus show that Trident Digital Tech was not profitable for the year that ended Dec. 31, 2023, when the company reported a net loss of $4.77 million on revenue of $1.48 million.
XCHG Ltd. (XCH), based in Beijing, offers comprehensive EV (electric vehicle) charging solutions which primarily include the DC fast chargers named the C6 series and the C7 series, the advanced battery-integrated DC fast chargers which we call Net Zero Series (“NZS”), as well as accompanying services, according to the prospectus.
For the year that ended Dec. 31, 2023, XCHG reported a net loss of $8.08 million on revenue of $38.51 million.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
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