China SXT Pharmaceuticals Inc. closed its IPO, issuing 2,546,275 common shares priced at $4 each.

The China-based company, which develops, manufactures and sells traditional Chinese medicine pieces, known as TCMP, raised gross proceeds of $10.2 million.

The company plans to use the net proceeds to expand its manufacturing facility and employee base and for funding development and research of new drugs. According to China SXT, the amount raised will also be used as general working capital.

The shares sold under the IPO will start trading Jan. 4 on the Nasdaq Capital Market under the symbol SXTC.

Boustead Securities LLC acted as the sole underwriter for the offering. Hunter Taubman Fischer & Li LLC acted as legal counsel.