CLPS Incorporation (CLPS) IPO Opens 10% Higher

Today's IPO for CLPS Incorporation (NASDAQ: CLPS) opened for trading at $5.76 after pricing 2,000,000 common shares at a price to the public of $5.25 per share.

The Company expects to receive aggregate gross proceeds of approximately $10.5 million from this offering, before deducting underwriting discounts, commissions and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 300,000 common shares at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about May 29, 2018, subject to customary closing conditions.

Proceeds from the offering will be used for global expansion, R&D, talent development and working capital and general corporate purposes.

The Benchmark Company, LLC acted as the book running manager and Cuttone & Co., LLC acted as co-manager for the offering.

Headquartered in Shanghai, China, CLPS Incorporation (the "Company") is a global leading information technology (“IT”), consulting and solutions service provider focusing on the banking, insurance and financial sectors. The Company has served as an IT solutions provider to a growing network of clients in the global financial industry, including large financial institutions in the US, Europe, Australia and Hong Kong and their PRC-based IT centers. The Company maintains eleven delivery and/or research & development centers to serve different customers in various geographic locations. Mainland China centers are located in Shanghai, Beijing, Dalian, Tianjin, Chengdu, Guangzhou and Shenzhen. The remaining four global centers are located in Hong Kong, Taiwan, Singapore and Australia.

You May Also Be Interested In