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China’s Hongli Group (NASDAQ:HLP) fell 13% after a downsized $8 million US IPO.
Hongli shares opened at $4.40 around 10:00 ET and hit a high of $4.60 before falling. The stock recently changed hands at $3.49 at about 11:10 p.m. ET.
The maker of cold-rolled steel products valued 2M shares at $4 per share. The underwriters have been granted a 45-day option to purchase up to 309,000 additional shares to cover over-allotments. EF Hutton is acting as sole bookrunner.
In February, Hongli said it would offer 2.5 million shares at a price between $4 and $6, which would have fetched around $13 million at a mid-market price.
For more information on Hongli, see Donovan Jones’ Hongli Group Aims for $25M US IPO.
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