Jianzhi Education Technology Group ( NASDAQ: JZ ) stock tumbled 25% during its third day of trading on Tuesday in the wake of its $25M initial public offering last Friday.
Shares of the Chinese edtech company opened at $7.66, reaching a high of $8.09 in early trading before sliding to a low of $6.03 midday. The stock recently changed hands at $6.30, down 25% from Monday’s close, at approximately 11:30 a.m. ET.
The company held its IPO on Friday , offering 5M American Depositary Shares at $5 apiece. The stock soared 3,620% to a high of $186.01 during its debut before retreating to close at $18.75, up 275% from its IPO price. The shares fell 55% on Monday to close at $8.37.
The IPO was priced at the lower end of the company's previously stated range of $5 to $7 per ADS, which would have raised around $30M if priced at the midpoint.
Jianzhi is a provider of digital content for the Chinese market, including online courses and instructional videos for higher education and workplace training. The company distributes its content through platforms such as Sentu Academy.
For a more in-depth view of Jianzhi, check out SA contributor Donovan Jones’s “Jianzhi Education Technology Aims for $30 Million US IPO”.
For further details see:
Chinese edtech Jianzhi stock tumbles 25% during third trading session