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Micro-cap Chinese garment maker Addentax Group soars 13,000% in Nasdaq debut

August 31, 2022

Addentax Group (ATXG) IPO'd on the Nasdaq at $5.00 for a market cap of $158 million; the company closed its first day of trading on Wednesday valued at $20.8 billion, having soared 13,031% from the offer price in its debut.

That is the highest first-day pop Renaissance Capital has recorded in its 30+ year history.

Previously listed on the OTCQB with virtually no trading, Addentax Group raised $25 million in its Nasdaq uplisting by offering 5.0 million shares at $5.00 per share in an offering underwritten by New Jersey-based Network 1 Financial Securities. It closed Wednesday at $656.54, with total volume of just over 500,000 shares for the day, or one-tenth of the offering size. Pre-IPO shareholders are subject to a one-year lock-up agreement.

Headquartered in Shenzhen, China, Addentax Group...

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