IPOS - Singapore's JE Cleantech stock slides 12% after gaining last two sessions

Singapore’s JE Cleantech ( NASDAQ: JCSE ) stock retreated 12% in morning trading Thursday after gaining during the previous two sessions.

The stock opened at $2.31 and hit a high of $2.35 in early trading before hitting a low of $2.06 in late morning. Shares recently changed hands at $2.14 at around 11:00 a.m. ET.

Shares of the industrial cleaning company closed 7% higher on Wednesday after reaching a high of $3.68 . The stock climbed 21% on Tuesday. The company did not appear to release any news on or make any recent SEC filings.

JE Cleantech held its initial public offering on April 22 , offering 3M shares priced at $4 per share to raise $12M. The shares have been volatile since, hitting a 52-week high of $23.99 on April 22 and a 52-week low of $1.65 on July 27.

Based in Singapore, JE Cleantech Holdings’ JCS-Echigo unit designs, manufactures and sells industrial cleaning systems to clients in Malaysia and Singapore. Its subsidiary Hygieia Warewashing is a provider of central dishwashing and general cleaning services for the food and beverage industry, mostly in Singapore.

For a closer look at JE Cleantech, check out SA contributor Donovan Jones’s “J.E. Cleantech Targets $12 Million US IPO”.

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