Charming Medical opens at $4.59, IPO priced at $4.00 per share

Charming Medical (MCTA), a Hong Kong-based provider of Traditional Chinese Medicine-inspired therapies and products, priced its initial public offering of 1.6M Class A ordinary shares at a price of $4.00 per share. The company intends to use the net proceeds from the offering for expanding its business and geographic coverage, potential strategic investments and acquisitions, research and development, and for general working capital and corporate purposes. Cathay Securities is acting as the representative of the underwriters for the offering.