Hong Kong-based online brokerage Zhong Yang Financial Group (TOP) saw its shares rocket 300% following its $25M US initial public offering on Wednesday.
Shares opened at $25, hitting a low of $12.60 and a high of $27.50 in early trading. The stock recently changing hands at $20, up 300%, at around 2:50 p.m. ET.
Zhong Yang offered 5M ordinary shares for $5 apiece. Underwriters received a 45-day option to buy up to 750k additional shares at the IPO price.
Univest Securities is serving as lead bookrunner, with Valuable Capital as joint bookrunner.
The offering was at the lower end of its previously stated range. In a filing dated May 10, Zhong Yang said it was looking to price shares at between $5 and $6 apiece.