GigaCloud Technology Stock Surges 40%, Above IPO Price

Shares of GigaCloud Technology Inc. (GCT) are surging nearly 40% on Thursday morning and are trading above its initial public offering price.

GCT is currently trading at $20.39, up $5.74 or $39.18%, on the Nasdaq. The stock opened its trading at $14.81 after closing Wednesday's trading at $14.65. The stock has traded between $12.51 and $62.00 since its debut on the Nasdaq.

The Chinese e-commerce services provider debuted on Nasdaq on August 18 after its $36 million initial public offering. The company offered 2.94 million shares priced at $12.25 per share.

GigaCloud Technology provides end-to-end B2B ecommerce solutions for large parcel merchandise. Its marketplace connects manufacturers primarily in Asia with resellers in the United States, Asia, and Europe to execute cross-border transactions across furniture, home appliance, fitness equipment, and other large parcel categories.

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