Loss-making home-rental specialist Q&K International Group has raised $45.9 million in its initial public offering (IPO) on the Nasdaq, an amount that is less than half of its original fundraising target.

Q&K sold 2.7 million American depositary shares (ADSs) at $17 each, at the low end of its indicative price range. On Wednesday, the company closed up 2.47% at $18.80, following a 3.8% rise during its first trading day on Tuesday.

The Shanghai-based company originally planned to raise as much as $100 million by offering 5.2 million ADSs last month, before it downsized its fundraising target last week, according to a company prospectus filed to the U.S. Securities and Exchange Commission.

Q&K’s trading debut comes as a wave of Chinese tech companies slashed their IPO targets amid lukewarm investor sentiment.

Read the full story on Caixin Global later today.

Contact reporter Tang Ziyi (ziyitang@caixin.com)