one of roughly 10 companies going public this week, more than quadrupled in their first day of trading.
The stock opened at $10.59 and hit a high of $19.44, before closing Tuesday at $18.11, up nearly 353%. The company raised $11.2 million late Monday, selling 2.8 million shares at $4 each. ViewTrade Securities is the underwriter on the deal.
ended the day nearly flat.
Ortho Clinical Diagnostics, Qualtrics International, and Southeastern Grocers are also scheduled to make their public markets debuts.
EZGO rents and sells e-bicycles and e-tricycles, mainly through the Cenbird and Dilang e-bike brands. It also rents and sells lithium batteries, while offering smart charging facilities for e-bicycles and other devices.
The company was hit hard by the Covid-19 pandemic, which caused revenue for EZGO’s rental business to plunge 70% for the six months ended June 30. It expects sales of its e-bicycles to drop by 30% for the fiscal year 2020.
EZGO reported losses of $591,829 for the six months ended March 31, compared with $1.7 million in profit for the same period in 2019. Revenue rose 66% to $5.5 million, according to the prospectus for the deal. It had 83 full-time employees as of June 30.
Write to Luisa Beltran at email@example.com