EZGO Technologies (NASDAQ:EZGO) launched its initial public offering (IPO) on Tuesday and it was a success for the electric bicycle company with shares of the stock soaring higher.
Here’s everything investors need to know about EZGO Technologies and its IPO.
- EZGO Technologies is a maker of electric bicycles in China.
- The company does so through its Cenbird and Dilang brands.
- It also leverages its Internet of Things (IoT) platform to handle the sale and rental of its electric bikes.
- Other offerings from the company include battery pack sales, battery transfers, and a charging business.
- The company launched shares of its stock on the Nasdaq Exchange today under the EZGO ticker.
- This saw EZGO Technologies offerings a total of 2.8 million shares of EZGO stock for an IPO price of $4 per share.
- It says that this will result in 11.2 million in gross proceeds from the IPO, before and fees or deductions.
- The offering also includes a 45-day option for underwriters to acquire an additional 420,000 shares at the IPO price.
- ViewTrade Securities was the sole manager of the EZGO Technologies IPO.
- EZGO Technologies says the goal of going public was to raise capital for its business.
- Founder and CEO Jianhui YE says that this will allow the company to move forward with its growth plans for 2021 and beyond.
- The company has already seen more than 5 million shares change hands since entering the public market today.
EZGO stock was up 287.5% as of Tuesday afternoon.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.