Tungray Technologies (TRSG) doubled its $4.00 IPO price – and kept on climbing – to score a moonshot today (Friday, April 19, 2024) during its first day of trading on the NASDAQ. Shares of Tungray traded at $9.51 at 11:23 a.m. EDT on the NASDAQ on volume of 905,671 shares. Tungray opened today at $6.58 – up $2.58 from its IPO price – at 10:20 a.m. EDT on volume of about 34,500 shares.
Tungray priced its IPO of just 1.25 million shares at $4.00 on Thursday night, April 18, 2024, to raise $5.0 million.
US Tiger Brokers served as the sole book-runner.
Tungray, based in Singapore, provides customized industrial manufacturing solutions to Original Equipment Manufacturers (“OEMS”) in the semiconductor, printer, electronics and home appliances sectors. Tungray describes itself as “an engineer-to-order (“ETO”) company, the prospectus says.
The Cayman Islands-incorporated holding company offered the stock in the IPO – and not the underlying business.
Singapore is Tungray’s main development and factory location. The company also has manufacturing bases in China, in Qingdao and Shenzhen, the prospectus says.
Tungray is profitable, according to the prospectus. For the 12 months that ended June 30, 2023, Tungray reported net income of $1.51 million on revenue of $13.21 million.
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