Investing.com -- Ruanyun Edai Technology Inc., a prominent AI technology firm specializing in K-12 education in China, began trading on the Nasdaq Capital Market under the ticker symbol "RYET". The company’s shares opened at $7.30, marking an 82.5% increase from its initial public offering (IPO) price of $4.00 per share.

The company announced the pricing of its IPO yesterday, offering 3,750,000 ordinary shares to the public. The opening was significantly higher than initially expected, with shares trading at nearly double the original price.

Ruanyun Edai Technology anticipates gross proceeds of around $15,000,000 from the IPO, prior to the deduction of underwriting discounts and other offering expenses.

In addition to the initial offering, the company has provided the underwriters with an over-allotment option. This option, which can be exercised within 45 days from the closing date of the offering, allows the underwriters to purchase up to an additional 562,500 ordinary shares at the public offering price, less underwriting discounts.

AC Sunshine Securities LLC is serving as the sole book-running manager for the offering.

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