Visionary Education Technology (VEDU) shares tumbled nearly 40% in morning trading Wednesday, just one day after they rocketed 525% following the Canadian company’s $17M initial public offering.
Shares of the educational services company opened at $20.19, hitting a high of $21.85 before declining. The stock recently changed hands at $15.17, down 39%, at approximately 10:45 a.m. ET.
VEDU stock soared as high as 600% on Monday following its IPO. The stock closed at $25, up 525%.
The 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.