Visionary Education tumbles 39%, day after soaring 525% following $17M IPO

May 18, 2022 11:15 AM ETVEDUBy: Val Kennedy, SA News Editor1 Comment

IPO-Initial Public Offering

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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.

VEDU first filed for an IPO in March.

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