Gelteq Limited Successfully Completes $5.2M IPO on Nasdaq
Gelteq Limited Successfully Completes $5.2M IPO on Nasdaq
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Gelteq IPO Date
Gelteq Limited completed its initial public offering (IPO) on October 29, 2024. The company began trading on the Nasdaq under the symbol "GELS" on this date. The offering was expected to close on or about October 30, 2024, subject to the satisfaction of customary closing conditions.
Gelteq Company Background
Gelteq Limited is a global biotechnology company headquartered in Melbourne, Australia. The company specializes in the formulation, development, and commercialization of gel-based delivery systems for humans and animals. These systems are used in pharmaceutical, healthcare, nutrition, and other industries. Gelteq was formed through the shared determination of its co-founders, including Simon Szewach, who serves as the Executive Chairman of the Board.
Gelteq IPO Market Impact
Gelteq's IPO raised US$5.2 million through the sale of 1,300,000 ordinary shares at a price of $4 per share, which was lower than the initial offering price of $5 per share. The proceeds from the IPO are intended to be used for growth in manufacturing, marketing, and research and development (R&D) activities. The successful completion of the IPO is expected to bolster Gelteq's market presence and facilitate its expansion into new markets.
