Freightos finished its first day on New York’s Nasdaq exchange with its shares trading at $10.30.
The container booking and payments platform — which started under the ticker symbol CRGO following a merger with special purpose acquisition corporation Gesher I Acquisition Corp — opened at $22.76 and spiked to $31.15 before slipping.
Chief executive Zvi Schreiber said the listing will help fund Freightos’ aggressive efforts to scale its business.
“Supply chains are fragile, and the last two years demonstrated how valuable Freightos is and can be,” he said.
“The company had an outstanding 2022, despite declining freight rates and volumes, demonstrating the power of digitalising one of the last large offline industries.
“We are delighted to have constructive partnerships with an increasing number of carriers, freight forwarders and importers/exporters who are committed to digitalisation.”
The listing helped Freightos raise more than $80m, including $10m from Qatar Airways and $60m from M&G Investments and the Prudential Assurance Co.
The company revealed plans to go public with Tel Aviv-based Gesher last year and said earlier this month the plan was on track while boasting record performance for 2022.
It said it processed 668,000 transactions last year, growth of 154%, with gross booking value jumping 102% to $611m.
The company said on Thursday that its top priorities would be growing transactions and increasing gross booking value, while monetising its growing bookings, growing its gross margins and maintaining its capital efficiency.
