Ostin Technology stock reverses downward trend, rallies 46%

May 03, 2022 12:04 PM ETOSTBy: Val Kennedy, SA News Editor1 Comment

Initial public offering hologram, night panoramic city view of Bangkok. The financial center for multinational corporations in Asia. The concept of boosting the growth by IPO process. Double exposure.

2d illustrations and photos/iStock via Getty Images

Ostin Technology (OST) stock shot up 46% in late morning trading Tuesday, reversing a recent downward slide in the wake of its spectacular initial public offering last week.

Shares of the display components maker opened at $3.75. The stock recently changed hands at $4.43, up 46%, at approximately 11:40 a.m. E.T.

OST stock rocketed 892% following its IPO on April 27. The stock abruptly shifted gears the next day, plunging 88%, and had slid downward since.

For its IPO, Ostin priced 3.38M ordinary shares at $4 per share, raising $13.5M. Underwriters were given a 45-day option to buy up to 506K additional shares at the public price.

Incorporated in the Cayman Islands, OST is a supplier of display modules and polarizers in China. The company’s products are used in consumer electronics, outside LCD screens and automotive displays.

For more IPO News, check out SA's IPO News page.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.