Fast Track Group debuts at $3.89/share after pricing IPO at $4/share

Investing.com -- Fast Track Group started trading on the Nasdaq Capital Market today, with shares opening at $3.89, below the initial public offering (IPO) price of $4. The entertainment-focused event management and celebrity agency company listed its ordinary shares under the symbol "FTRK."

Yesterday, Fast Track Group announced the pricing for its IPO. The company offered 3,750,000 ordinary shares at a public offering price of $4 per share, aiming to raise an aggregate gross proceeds of $15 million, before accounting for underwriting discounts and other offering expenses.

Fast Track Group has also provided underwriters with a 45-day option to buy up to an additional 562,500 ordinary shares at the public offering price per share, less the underwriting discount, to cover any over-allotments.

Alexander Capital, L.P., a full-service broker/dealer, served as the lead book-running manager for the offering. Network 1 Financial Securities, Inc. also participated as a co-underwriter.

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