UTime (NASDAQ:UTME) stock is on the rise Wednesday as investors take interest in the company following its recent initial public offering (IPO).
Here’s everything investors need to know about UTME stock.
- UTime is a Chinese mobile company focused on developing and manufacturing phones, accessories, and other related products.
- Unlike most mobile comapnies, UTME isn’t aiming for big spenders.
- Instead, the company is aiming at budget customers in established and emerging markets.
- That has it working to create devices and products that are cost-effective.
- UTime only just launched its IPO on Tuesday.
- This saw the company offering up 3.75 million shares of UTME stock at a price of $4 each.
- That set the company up to earn $15 million in gross proceeds from the IPO.
- The IPO is going to close on Thursday.
- Boustead Securities is the lead underwriter of the UTime IPO.
- Brilliant Norton Securities Company Limited and Fosun Hani Securities Limited are acting as co-underwriters for the offering.
- UTime wants to use the funds gained from its IPO to expand its business.
- That includes growing its U.S. branch and upgrading its offerings.
- The company’s focus on cheap phones means that it doesn’t yet have one that offers 4G to customers.
- UTME hopes to fix this with the extra development that funds from the offering will allow.
- One of its more interesting plans is Bluetooth glasses.
- The idea of a budget company offering Bluetooth glasses when many larger companies haven’t entered the space yet is strange.
- It’s also unknown just how well these glasses would be able to compete against possible offerings from larger rivals such as Apple (NASDAQ:AAPL) or Alphabet (NASDAQ:GOOGL,GOOG).
UTME stock was up 113.4% as of Wednesday afternoon.
UTime joins a growing list of companies that are seeing shares soar on Wednesday.
Companies across multiple industries and markets are on the move as the stock market remains busy. Among these are Canoo (NASDAQ:GOEV), CBAK Energy Technology (NASDAQ:CBAT), and Carnival (NYSE:CCL). Investors can check out the following content from InvestorPlace.com to see why shares of these stocks are on the rise today.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.