NEW YORK, April 4 (Xinhua) -- Powerbridge Technologies, a Chinese trade software application and technology services provider, received gross proceeds of around 8.75 million U.S. dollars from its initial public offering (IPO), which the company closed on Thursday, two days after it went public in the United States.
At 5 dollars per share, the IPO totaled 1,750,000 ordinary shares. Powerbridge has also granted its underwriters a 45-day option to purchase up to an additional 262,500 ordinary shares, the company said in a public statement.
Powerbridge's ordinary shares began trading on the Nasdaq Capital Market on Tuesday under the symbol PBTS.
Proceeds from the IPO will be used for research and development, sales and marketing, strategic alliances and acquisitions, as well as working capital, and general corporate purposes, said the company.
Shares of Powerbridge fell around 18 percent to 5.88 dollars per share around market close on Thursday, from a close price of 7.18 dollars per share on Wednesday.
The Benchmark Company, LLC and Maxim Group LLC serve as joint book running managers for the IPO, while TriPoint Global Equities, LLC is the financial adviser to the company.
Founded in 1997 and based in southern Chinese city of Zhuhai, Powerbridge provides software application and technology solutions and services to corporate and government customers primarily located in China.
For fiscal year 2018, it's estimated that Powerbridge's revenue will be approximately 23.8 million dollars, an increase of 10.2 percent from approximately 21.6 million dollars for the fiscal year ended Dec. 31, 2017, according to the company's prospectus.
