Multi Ways (NYSEMKT:MWG) stock is on the rise Tuesday after the Singaporean heavy construction equipment company went public on Monday.
That saw the company offering up 7.24 million shares of MWG stock price at $2.50 per share. The initial public offering (IPO) went well for the company as it continued to rally throughout the day, closing trading hours up 254.8%.
Investors will keep in mind that of the 7.24 million shares offered, 6.04 million of them come directly from Multi Ways. The remaining 1.2 million shares of MWG stock come from a certain unnamed shareholder.
MWG Stock Rally Continues
Investors are still interested in MWG stock on Tuesday with the company’s shares still rallying. This comes as some 620,000 shares of the stock change hands in pre-market trading. For the record, its rally yesterday came with 4.3 million shares traded.
Multi Ways operates out of Singapore and also serves the surrounding region. That includes Australia, UAE, Maldives, Indonesia, and the Philippines. It offers up new and old heavy constriction equipment that customers can buy or rent.
Multi Ways was founded in 1988 and originally only rented out small equipment, such as generators and air compressors. Over the years the company expanded to become one of the largest heavy construction equipment suppliers in Singapore.
MWG stock is up 9.4% as of Tuesday morning.
Investors searching for all of the latest stock market news are in luck!
We’ve got all of the most recent stock market coverage investors need to know about on Tuesday! That includes the biggest pre-market stock movers this morning, the latest on OPEC+ oil plans, and more. You can read all about these matters at the following links!
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On the date of publication, William White 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.
