GigaCloud stock accelerates gains in sophomore session, to trade more than 4 times the IPO price

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Shares of GigaCloud Technology Inc. GCT, +129.19% rocketed again it their sophomore session on Nasdaq, to trade at more than four-times the initial public offering price. The Hong Kong-based business-to-business (B2B) ecommerce platform for large parcel merchandise went public on the Nasdaq on Thursday, after the company raised about $36 million by selling 2.94 million shares at an IPO price of $12.25 a share. The stock opened Thursday at $19.20, or 56.7% above the IPO price, then traded within a intraday range of $12.51 to $21.22 before closing at $15.69, on volume of 11.5 million shares. On Friday, the stock gapped 69.8% higher at the open, starting the day at $26.64, before the rally accelerated to 144.0% to $38.28 (312.5% above the IPO price), on volume of 7.7 million shares in about the first 20 minutes after the opening bell. The stock has already been halted twice for volatility. The stock’s rally comes while the Renaissance IPO ETF IPO, -3.52% dropped 3.2% in morning trading and the S&P 500 SPX, -1.07% slumped 1.0%.

This article was originally published by Marketwatch.com. Read the original article here.

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