Jiuzi Holdings Inc. JZXN, +272.40% blasted off in its public debut Tuesday, as the China-based new-energy vehicle retailer’s stock opened nine-times what the upsized initial public offering priced at, before paring some gains in very volatile trading.
The company raised $26.0 million as it sold 5.2 million shares in its IPO, which priced at $5, compared with previous expectations for the company to sell 5.0 million shares between $4 and $6 a share. Boustead Securities was the IPO’s underwriter. The stock’s first trade on the Nasdaq was at $45.00 at 12:51 p.m. Eastern for 9,400 shares, or 800% above its IPO price, to value the company at $100.0 million. The stock has pulled back since the open, to trade recently up 422.0% at $26.10. It has been halted five times for volatility since it opened. The company had recorded net income of $349,061 on revenue of $1,277,236 for the six months ended April 30, after income of $1,794,387 on revenue of $4,106,397 in the same-period a year ago. The stock’s big rally comes on a day that the Renaissance IPO ETF IPO, +1.40% rose 2.1% in afternoon trading while the S&P 500 SPX, -0.85% slipped 0.1%.