On Tuesday, Chinese low-cost mobile device manufacturing company UTime Limited (NASDAQ: UTME) had its debut on the stock markets and the first day proved to be a triumph.
The UTime stock soared by as cosmic as 875% on the first day of trading and it seems that the stock is going to be on focus among investors for much of the week. The company had offered 3.75 million shares in its IPO at the rate of $4 each and had tried to raise $15 million in gross proceeds.
However, the company’s performance on Tuesday must have come as a pleasant surprise to the company’s proprietors. UTime is engaged in producing these low-cost mobile technology products that can provide effective solutions to low-income consumers all over the world and especially in emerging economies. The company is expected to use the proceeds from the IPO in order to further grow its United States branch.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.