Visionary Education Technology Holdings (VEDU) stock rocketed 600% following its $17M US initial public offering.
Shares of the educational services provider opened at $28, up 600% from its IPO price of $4 per share. The stock recently changed hands at $22, up 450%, at approximately 12:35 p.m. ET.
The Canadian company priced 4.3M shares at $4 per share, raising around $17M. Underwriters were granted a 45-day option to buy up to 638K shares at the IPO price. Joseph Stone Capital is acting as lead underwriter.
VEDU offers secondary school diplomas, vocational certificates, along with associate’s, bachelor’s and master’s degrees. Classes are taught online and at traditional campuses in Canada. The company provides services to both Canadian and international students.
The company’s educational institutions include Lowell Academy, Toronto Art Academy, Toronto ESchool and Conbridge College.