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Jianzhi Education Technology (NASDAQ:JZ) skyrocketed in the wake of its IPO, climbing 275% during its first session as a public company.
The China-based edtech priced an initial public offering of 5M American Depositary Shares at $5 per share. This represented the low end of the firm's expected range. In regulatory filings submitted in July, the company predicted a price range between $5 and $7 per ADS.
After pricing its IPO at $5, JZ opened trading at $126 and quickly shot up to $186.01. Shares moderated from that peak but remained sharply higher for the session as a whole.
JZ eventually finished at $18.75, an advance of $13.75 on the day.
Looking a little closer at the company itself, Jianzhi provides digital content for the Chinese market, including online courses and instructional videos. The firm distributes its content through platforms such as Sentu Academy.
For 2021, Jianzhi reported net income of $8M on revenue of $74M.