WoWo, a Beijing-based e-commerce firm, had an initial public offering Wednesday on the Nasdaq Stock Market, raising $40 million.

Trading under the symbol “WOWO”, the shares opened on Nasdaq at $11.06, hitting a high of $11.63 before closing at $10.29, up 2.9%.

WoWo sold 4 million American depositary shares (ADS) on Wednesday at $10, the midpoint of the marketed range of $9 to $11. Each ADS share represented 18 ordinary shares of the company. Axiom Capital Management managed the deal for Wowo.

Lishui-based Tantech Holdings completed an IPO on Nasdaq under the ticker “TANH” on March 24. It opened at $4 and traded up as high as $9.50. It closed its opening day at $8.00.

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