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Shares of telehealth provider Mobile-health Network Solutions (NASDAQ:MNDR) were up 90% in early afternoon trading Wednesday following a $9M initial public offering that priced at the lower end of its previously stated range.
Mobile-health shares opened at $4.79 after being priced at $4, later hitting a high of $8.79. The stock recently sold for $7.60 at around 12:40 p.m. ET.
The Singapore-based company priced 2.25M ordinary shares at $4 per share. Underwriters were granted a 45-day option to buy up to 337,500 additional shares. Network 1 is serving as sole book-runner.
In a filing in late March, Mobile-health said it was considering offering 2.25M ordinary shares priced between $4 and $5. Selling shareholders were looking to offer 2.58M shares in the same range.