China's GigaCloud soars after impressive U.S. debut

GigaCloud Technology

19/08/2022 13:13

** Shares of GigaCloud Technology Inc  GCT.O  soar 52.3% to
$23.89 premarket, extending rally a day after its Nasdaq debut
    ** Stock 2nd biggest pct gainer across U.S. exchanges as of
8:05 a.m. ET
    ** Hong-Kong based e-commerce firm's shares on Thurs closed
at $15.69 for a first-day gain of 28%; shares traded as high as
$21.22 on the session
    ** Co offered 2.94 mln Class A shares at $12.25 for $36 mln
raise, valuing it at roughly $490 mln - (SEC filing https://www.sec.gov/Archives/edgar/data/1857816/000119312522224561/d160437d424b4.htm)
    ** Its customers include sellers on Rakuten in Japan, Amazon
and Walmart in the U.S. and Wayfair in the U.K.
    ** Co generated $414 mln in rev and $29 mln in net income in
2021
    ** GCT among top trending tickers on retail investor-focused
Stocktwits.com

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))