China’s Mobile Internet Firm Cootek Inc Listed on the NYSE for IPO
China’s mobile internet company CooTek (Cayman) Inc has been now listed on the New York Stock Exchange (NYSE). The company that is based in East China's Shanghai started trading on Friday.
The company issued 4.35 million American Depository Shares (ADS) and raised $52.2 million. Every ADS of CooTek was priced at $12. The share price of CooTek was traded lower than its opening price of $11.5 in the first four trading hours of the first trading session.
The funds secured through this initial public offering are planned to be utilized by the company in the marketing of the products. CooTek generally earns its revenue from the advertisement with its software product TouchPal Keyboard and other APPs on fitness and healthcare.
The main motive of the company behind its entry on the NYSE ...