In a year that seems to be filled with initial public offerings (IPOs), Oriental Culture (NASDAQ:OCG) stock is another one on that list.
Shares of the e-commerce retailer, which specializes in collectibles and artwork, began trading on Tuesday via the Nasdaq exchange. However, it looks like Wall Street is finally taking notice on Thursday.
That said, as OCG stock starts taking off, let’s take a closer look at the company and its IPO:
- Overall, the Oriental Culture IPO includes 5,065,000 shares priced a $4 per share.
- In turn, this amounts to a total of around $20.26 million “before deducting underwriting discounts and commissions and offering expenses.”
- Additionally, Oriental Culture granted the underwriters the choice to buy up to an additional 759,750 shares of OCG stock at the $4 price tag.
- And according to the release, this option is “exercisable within 45 days from the date of the final prospectus.”
- In terms of its business, Oriental Culture is based in Hong Kong, and even has an entire platform for buying and selling artwork.
Now into its third day of trading, OCG stock has already seen some impressive numbers. At the close of market on Tuesday — its first trading day — shares were up from its IPO price to $6. And after a relatively flat Wednesday, OCG stock is soaring on Thursday to more than $13 per share on volume of nearly 11 million.
OCG stock was up more than 270% at one point on Thursday, but is now 115% higher.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.