Credit: Shutterstock photoRETO Eco-Solutions, a Chinese supplier of eco-friendly construction materials, raised $14 million by offering 2.8 million shares at $5, within the range of $4.50 to $5.50. At IPO, the company commands a market value of $112 million.
The company priced and began trading on Wednesday (Nasdaq: RETO), finishing its first day at $10.57. Its 111% gain is the best first-day pop for a 2017 IPO, though we note that volume was especially low at just 0.3 million shares. ViewTrade acted as sole bookrunner on the deal.
The article China's RETO Eco-Solutions prices $14 million US IPO at $5 midpoint; pops 111% on Wednesday originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
