Multi-Way Holdings SMOKE opened its shares to public trading for the first time since filing for an IPO in February 2023. The company agreed to initially offer 7.24 million shares to the public at a price of $2.50 per share. On the first day of trading, the stock rose 190.82% from its opening price of $3.05 to its closing price of $8.87.
Performance of Multi Ways Holdings on the first day of trading
About Multi Ways Holdings and its IPO
Multi Ways Holdings is a provider of a wide range of heavy construction equipment for sale and rental in Singapore and the surrounding region.
For its IPO, MWG agreed to offer 7.24 million shares at $2.50 per share, with a 180-day insider lock-up period ending September 30, 2023.
A Blocking period for insiders is a period after a company’s initial public offering when major shareholders are not allowed to sell their shares. The insider ban ensures that the market does not become oversupplied with shares of the company.
Traders can short the stock before the lockup date expires in the hope that the price will fall due to an increase in stock supply. Retailers should keep an eye on the short interest in this stock as it nears its lock-up period.
See also: Benzinga’s most shorted stocks
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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