Lockset maker Intelligent Living Application Group (NASDAQ:ILAG) saw its stock tumble over 50% in early trading Thursday after soaring as high as 560% following its $20M initial public offering on Wednesday.
Shares of Intelligent Living opened at $5.65, hitting a low of $2.76 in mid-morning. The stock recently changed hands at $2.94, down 52%, at approximately 10:15 a.m. ET.
The Chinese company held its IPO on Wednesday, offering 5M shares priced at $4 per share. The stock soared as high as $26.40, up 560%, before sliding to close at $6.12.
Based in Hong Kong, Intelligent Living is a maker of mechanical locksets and electronic security devices. Its products are sold primarily in Canada and the US.
For more on Intelligent Living, check out SA contributor Donovan Jones’s “Intelligent Living Application Group Proposes IPO Plan.”