Chinese tutorial services provider Golden Sun Education (NASDAQ:GSUN) saw its shares rocket nearly 300% following its $17.6M initial public offering, which was priced at the lower end of its previously stated range.
Shares of Golden Sun opened at $19, hitting a high of $19.80 before dipping to a low of $13.41 in late morning trading. The stock recently changed hands at $15.25, up 281%, at approximately 2:15 p.m. ET.
Golden Sun offered 4.4M Class A ordinary shares priced at $4 per share, raising around $17.6M. The company plans to use the proceeds in part to acquire additional tutorial centers and recruit staff.
The tutorial services company priced its shares at the lower end of a previously stated range of $4 to $5, which would have raised around $20M if priced at the midpoint.
For a more in-depth look at Golden Sun, check out SA contributor Donovan Jones’s “Golden Sun Education Seeks $23 Million in US IPO”.