Majestic Ideal Holdings shares fall 5.19% premarket after closing of initial public offering.

Majestic Ideal Holdings Ltd. dropped 5.19% in premarket trading, following the announcement of the closing of its initial public offering (IPO) of 2,500,000 ordinary shares at $6.00 per share, raising $15.0 million in gross proceeds. The company intends to use the net proceeds to procure.