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The company priced the initial public offering of 4.44 million shares at $4.50 apiece, within the estimated range of $4 and $6.
Shares of London-headquartered RedCloud Holdings plc (RCL) will begin trading on the Nasdaq on Friday under the ticker ‘RCT.’
RedCloud operates the RedCloud platform that facilitates trading consumer supplies of fast-moving consumer goods across business supply chains in emerging markets.
Through the platform, retailers are enabled to use data-driven insights backed by artificial intelligence (AI) to help make faster and easier business-to-business (B2B) purchases and inventory decisions.
The company priced the initial public offering (IPO) of 4.44 million shares at $4.50 apiece, within the estimated range of $4 and $6. The offering size was downgraded from the 11 million shares it targeted earlier.
It has granted underwriters the option to purchase up to an additional 666,666 shares from the company to cover any overallotments.
RedCloud expects to raise gross proceeds of about $20 million from the offering.
The offering is expected to close on March 24.
In the IPO filing with the SEC, RedCloud said that prior to the consummation of this offering, it intends to effect a reverse stock split of its issued and outstanding ordinary shares at a ratio of 2-for-1.
Roth Capital and Clear Street LLC are the joint book-running managers for the offering, with Rosenblatt Securities acting as a passive book-running manager and Benchmark as the co-manager.
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