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Newly listed Visionary Education Technology (VEDU) stock plummeted 39% Thursday after rising 525% following Tuesday’s $17 million IPO.
Shares of the education services company opened at $4.31 on Thursday and later slipped to close at $3.05, down 39% from the previous session.
The stock soared as much as 600% on Tuesday during its market debut, eventually closing at $25, up 525% from its IPO price. The company had 4.3 million shares priced at $4 per share, raising about $17 million.
However, shares of VEDU fell on Wednesday, falling 80% to close at $5 a share.
VEDU applied for an IPO for the first time in March.
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