China’s GigaCloud Goes Public in U.S., Bucking Delisting Trend

E-commerce firm GigaCloud Technology made its debut on the Nasdaq Stock Market on Thursday, a uncommon occasion of an preliminary public providing by a Chinese firm in the U.S. as the 2 nations head toward a financial decoupling.

GigaCloud, a web-based platform that connects producers of cumbersome shopper gadgets with consumers around the globe, raised $36 million in gross proceeds after promoting 2.94 million Class A shares. The deal valued the corporate at $486 million. The quantity raised may improve to $41 million if the underwriter sells extra shares to train the so-called overallotment choices, usually when the shares are in excessive demand.