By Large-parcel B2B eCommerce platform GigaCloud Technology has closed a $41 million initial public offering (IPO) as well as a full over-allotment option of about 3.4 million Class A ordinary shares.
The Class A ordinary shares began trading on the Nasdaq Global Market on Thursday (Aug. 18) under the symbol GCT, the company announced in a Monday (Aug. 22) press release.
To celebrate the listing, GigaCloud Technology founder and CEO Larry Lei Wu rang the closing bell on the Nasdaq Exchange on Friday (Aug. 19), according to a blog post on the company’s website.
“We will build a ‘Global commerce hub for furniture and large home goods’ together,” the company said in the post.
GigaCloud Technology’s platform connects primarily Asian manufacturers with primarily American, Asian and European resellers, and includes tools for discovery, payments and logistics, according to the press release.
The company launched this GigaCloud Marketplace in 2019, first focusing on furniture before expanding into home appliances and fitness equipment, per the release.
In May, GigaCloud Technology released its own application on the Shopify Marketplace, giving users access to the GigaCloud Marketplace while also allowing them to import sellers’ product images and descriptions to Shopify stores, according to a blog post on GigaCloud’s website.
“With the expansion of eCommerce hosting platforms, there has been an increased demand for sourcing applications that allow seamless product integration and fulfillment options for many small eCommerce businesses,” the company wrote in the post. “This is especially true for large-goods companies that have been traditionally left out of online development.”
The furniture business has been seeing challenges for some time now, with rampant inflation crimping consumer spending and supply chain bottlenecks complicating inventory and delivery, PYMNTS reported in May.
Read more: Floundering Furniture Segment Faces New Threats From Competitors, Consumers
For example, Wayfair CEO Niraj Shah said at the time, “With rising prices across the retail universe and amidst troubling geopolitical events, our mass customers in the U.S. and internationally appear understandably more focused on where they are spending their next dollar, pound or euro.”
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