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Japan’s Syla Technologies (NASDAQ:SYT) shares traded 15% lower on Friday afternoon after a $15 million initial public offering.
Syla offered 1.9 million American Depositary Shares at $8 per ADS. The syndicate banks were granted a 45-day purchase option to 281,000 additional ADSs to cover any over-allotments. Boustead Securities is acting as Lead Bookrunner.
Syla’s ADSs opened at $8 and quickly hit a high of $8.40 before falling to a low of $6.01 late in the morning. The stock recently changed hands at around 2:25 p.m. ET at $6.77.
Tokyo-based Syla operates an asset management platform that caters to retail investors and crowdfunds the purchase and sale of real estate, solar power plants and computers for crypto mining. The company also offers maintenance services for the properties it sells, solar power plants and computers.
Syla also operates a platform that caters to institutional investors, corporate investors and high net worth individuals.
Syla first filed an IPO with the SEC in November to raise about $17 million.
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