Pitanium opens at $4.51, IPO priced at $4 per share
Pitanium, a company that retails its proprietary brand focusing on beauty and personal care products, priced its initial public offering of 1.75M Class A ordinary shares at $4.00 per share. The deal priced at the low end of its $4.00-$5.00 range. Pitanium said that proceeds from the offering will be used for enhancing customer experience through launching a mobile application; developing a new line of products solely for home treatment; expanding the company's product portfolio and exploring new suppliers; further enhancing the company's marketing strategies; and working capital and other general corporate purposes. Cathay acted as sole book running manager for the offering.
