BRIEF: EPWK ends flat in Nasdaq trading debut

Gig worker crowdsourcing platform operator EPWK Holdings Inc. (EPWK.US) made a muted trading debut on Thursday, closing up a slight 0.24% at $4.11 in its first trading day on the Nasdaq.

The company sold 2.75 million ordinary shares for $4.10 per share, raising a total of $11.3 million, according to its announcement. At that price EPWK had a market value of about $90 million. The underwriters also have an option to purchase up to 412,500 additional shares within 30 days after the offering.

Headquartered in Xiamen of South China’s Fujian province, EPWK helps small- and medium-sized enterprises find gig workers. From 2019 to 2023, the company’s platform facilitated $1.67 billion in gross merchandise volume (GMV) across 4.12 million projects, making it the second-largest online crowdsourcing platform of its kind in China.

In October last year, the company raised its IPO target, increasing the number of shares on offer from 1.5 million to 2.75 million, while lowering its price range from an original $7 to $8, to $4 to $6.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click  here