Investing.com -- Intercont Cayman, a global shipping enterprise with plans for seaborne pulping operations, began trading today on the Nasdaq under the ticker symbol "NCT". The company’s initial public offering (IPO) was priced at $7.00 per share, but the stock opened at $6.50 per share.

The IPO consists of 1,500,000 ordinary shares, and Intercont anticipates gross proceeds of $10,500,000, prior to subtracting underwriting discounts and other offering expenses.

The underwriters, led by Kingswood Capital Partners, LLC, have been granted an option by the company. This option, which can be exercised within 45 days from the closing of the offering, allows the underwriters to purchase up to an additional 225,000 ordinary shares at the initial public offering price, minus underwriting discounts. This provision is meant to cover the over-allotment option.

The entire offering is being carried out on a firm commitment basis. This means that the underwriters have agreed to purchase all the shares being offered, regardless of whether they can sell them to investors.

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