Why GigaCloud Technology Shares Are Skyrocketing

GigaCloud Technology Inc. GCT shares are trading higher on continued volatility following the company's initial public offering on Thursday.

The company had an initial public offering of 2.94 million shares on Class A ordinary shares priced at $12.25 per share.

The stock opened for trade on Thursday at $19.20 per share, up approximately 57% from the original initial public offering price of $12.25.

GigaCloud Technology Inc. provides end-to-end B2B ecommerce solutions for large parcel merchandise.

The stock was trading approximately 184% higher at $44.48 per share on Friday at the time of publication.