The IPO Buzz: CCSC Technology International (CCTG) Jumps in its NASDAQ Debut

Hong Kong-based CCSC Technology International Holdings Ltd. (CCTG) shot higher in its NASDAQ debut today. The stock opened at $5.75, up $1.75 or up 43.75 percent from its $4.00 IPO price, at 10:45 a.m. EST today (Thursday, Jan. 18, 2024) on volume of more than 100,000 shares. By 11:02 a.m. EST, CCSC Technology shares touched $6.70 – up $2.70 for a gain of 67.5 percent from its $4.00 IPO price. The company increased the size of its micro-cap IPO by 10 percent at pricing – to 1.375 million shares – up from 1.25 million shares in the prospectus – and priced the deal at $4.00 – the low end of its $4.00-to-$6.00 range – on Wednesday night (Jan. 17, 2024). Revere Securities was the sole book-runner. CCSC Technology International Holdings Ltd. (CCTG) is a profitable Hong Kong-based holding company. Its operating subsidiaries in Hong Kong, mainland China and The Netherlands design, manufacture and sell interconnect products customized for industrial, automotive and robotics products. The products include connectors, cables and wire harnesses designed and produced for major manufacturers and electronics companies in more than 25 countries through Asia, Europe and the Americas. “Many of our customers are global name-brand manufacturers, such as Linak, Danfoss, Bitzer, Maersk, Universal Robots, Philips, Osram, Flextronics, Harman and Vtech, with whom we have established long-term working relationships,” the company says in the prospectus. CCSC Technology International Holdings Ltd. earned net income of $2.21 million on revenue of $24.26 million for the 12 months that ended March 31, 2023, according to the prospectus. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.