The IPO Buzz: CCSC Technology International (CCTG) Jumps in its NASDAQ Debut

Hong Kong-based CCSC Technology International Holdings Ltd. (CCTG) shot higher in its NASDAQ debut today. The stock opened at $5.75, up $1.75 or up 43.75 percent from its $4.00 IPO price, at 10:45 a.m. EST today (Thursday, Jan. 18, 2024) on volume of more than 100,000 shares. By 11:02 a.m. EST, CCSC Technology shares touched $6.70 – up $2.70 for a gain of 67.5 percent from its $4.00 IPO price. By 12:20 p.m. EST, CCSC Technology’s stock scored a moonshot – rising above $8.00 – or more than twice its IPO price. (A moonshot occurs when an IPO’s stock gains 100 percent – doubling its IPO price – or more – during its first day of trading.) The stock hit a session high above $9.00 and then retraced some steps to close at $7.70 – up $3.70 or up 92.5 percent from its $4.00 IPO price. Volume on its first day of NASDAQ trading exceeded 5 million shares. 

CCSC Technology International Holdings Ltd. increased the size of its micro-cap IPO by 10 percent at pricing – to 1.375 million shares – up from 1.25 million shares in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$6.00 range – to raise $5.5 million on Wednesday night (Jan. 17, 2024).

Revere Securities was the sole book-runner.

CCSC Technology International Holdings Ltd. (CCTG) is a profitable Hong Kong-based holding company. Its operating subsidiaries in Hong Kong, mainland China and The Netherlands design, manufacture and sell interconnect products customized for industrial, automotive and robotics products. The products include connectors, cables and wire harnesses designed and produced for major manufacturers and electronics companies in more than 25 countries through Asia, Europe and the Americas.

Many of our customers are global name-brand manufacturers, such as Linak, Danfoss, Bitzer, Maersk, Universal Robots, Philips, Osram, Flextronics, Harman and Vtech, with whom we have established long-term working relationships,” the company says in the prospectus.

CCSC Technology International Holdings Ltd. earned net income of $2.21 million on revenue of $24.26 million for the 12 months that ended March 31, 2023, according to the prospectus.

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