Today's IPO for ICZOOM Group Inc. (IZM) opened for trading at $4 after pricing 1,500,000 Class A ordinary shares at a public offering price of $4 per Class A ordinary share. Shares have since fallen 9% to $3.64 and were halted on volatility.
The Offering is being conducted on a firm commitment basis. The Benchmark Company, LLC is acting as the sole bookrunning manager for the Offering.
ICZOOM Group Inc. is primarily engaged in sales of electronic component products to customers in Hong Kong and mainland China through its B2B e-commerce trading platform. These products are primarily used by China based small and medium-sized enterprises ("SMEs") in the consumer electronic industry, Internet of Things ("IoT"), automotive electronics and industry control segments. By utilizing latest technologies, the Company's platform collects, optimizes and presents product offering information from suppliers of all sizes, all transparent and available to its SME customers to compare and select. In addition to the sales of electronic component products, the Company also provides services to customers such as temporary warehousing, logistic and shipping, and customs clearance.