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Intelligent Living (ILAG) Stock Soars 90% After IPO

  • Shares of Intelligent Living (ILAG) are up nearly 90% following the company's initial public offering (IPO).
  • The success of the ILAG stock IPO shows investors still have an appetite for new stock listings.
  • So far this year, the IPO market in the U.S. has slowed considerably amid deteriorating market conditions.
ILAG stock - Intelligent Living (ILAG) Stock Soars 90% After IPO

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Shares of Intelligent Living (NASDAQ:ILAG) are up nearly 90% today following the Hong Kong-based company’s initial public offering (IPO). ILAG stock began trading on the Nasdaq exchange on July 13.

The company, which manufactures locksets for doors and related components, announced it has closed its IPO of 5.06 million ordinary shares at a price of $4 per share. Proceeds from the IPO totaled $20.24 million before deductions for underwriting and other expenses.

What Happened With ILAG Stock

The IPO of Intelligent Living is one of the few new stock issues to make it to market in recent months. The number of companies proceeding with IPOs has fallen sharply this year as indexes, including the Nasdaq, have fallen into a bear market, defined as a decline of 20% or more from recent highs.

Last year was a record for IPOs priced on American exchanges. But this year, the market dried up during the first half. According to data from FactSet, 1,073 companies held initial public offerings in 2021, raising a record $317 billion in the process. But in this year’s first half, only 92 companies held IPOs, raising just under $9 billion.

Why It Matters

The massive jump in the price of ILAG stock following its IPO shows that investors are still keen on new issues coming to market. If the company is legitimate and the offering is priced right, investors will respond as they are to Intelligent Living’s IPO.

While the IPO is comparatively small, having raised only $20 million, it clearly shows there is demand for new stock listings among investors.

It also helps that Intelligent Living comes to market as a mature company, having manufactured mechanical locksets for customers in the U.S. and Canada for more than 40 years. Intelligent Living has also obtained the ISO9001 quality assurance certificate and various safety certificates, including from the American National Standards Institute (ANSI), further bolstering the company’s legitimacy.

What’s Next for ILAG Stock

ILAG stock comes out of the gate strong and is currently trading at about $3.60 per share. It will be interesting to see if the stock can maintain its momentum in coming days, or if it will slump once the initial investor euphoria wears off. But for now, it looks as though Intelligent Living has staged one of the more successful IPOs of the year so far.

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

Article printed from InvestorPlace Media, https://investorplace.com/2022/07/intelligent-living-ilag-stock-soars-90-after-ipo/.

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