GigaCloud Technology, a large-parcel B2B eCommerce platform, completed a $41 million initial public offering (IPO) with a full over-allotment option for approximately 3.4 million Class A ordinary shares.
According to a news release issued by the company, the Class A ordinary shares began trading on the Nasdaq Global Market under the symbol GCT.
Larry Lei Wu, the founder, and CEO of GigaCloud Technology rang the closing bell on the Nasdaq Exchange on August 19 to honor the listing, according to a blog post on the company’s website.
“We will construct a ‘Global commerce hub for furniture and big home products together,” the company claimed in the post.
The GigaCloud Technology platform, according to the news release, connects predominantly Asian manufacturers with mostly American, Asian, and European resellers and includes tools for discovery, payments, and logistics.
According to the press release, the company launched the GigaCloud Marketplace in 2019, initially focusing on furniture before expanding into home appliances and workout equipment.
According to GigaCloud’s website, GigaCloud Technology debuted its own application on the Shopify Marketplace in May, giving clients access to the GigaCloud Marketplace as well as the ability to import sellers’ products images and descriptions to Shopify stores.
According to the report, there is a growing need for sourcing solutions that give seamless product integration and delivery options for many small eCommerce firms. This is especially true for large businesses that have traditionally been excluded from internet growth.