Wang & Lee Group (NASDAQ:WLGS) stock is gaining on Friday after the company’s shares went public yesterday.
Today’s raise follows the company’s initial public offering (IPO) yesterday which saw it offering up 1.6 million shares of WLGS stock for a price of $5 each. This has the company expecting gross proceeds of $8 million from its IPO.
However, shares of WLGS stock couldn’t maintain that $5 value following their public debut. The company’s stock dropped 38% during normal trading hours yesterday. That saw shares close out Thursday priced at $3.10 per share.
Wang & Lee Group is a Hong Kong-based construction company. It works with customers to install various parts of buildings. That includes electrical systems, air conditioning, fire systems and more.
WLGS Stock Movement on Friday
Shares of WLGS stock are rallying today as the company’s shares see heavy trading. As of this writing, more than 2.3 million shares have changed hands. That’s quite a gain considering some 1.8 million shares were traded on its first day as a public company.
Investors will also note that shares of WLGS stock have climbed 29.7% higher during pre-market trading on Friday. That doesn’t have WLGS reaching its $5 IPO price again, but it is sitting at about $4.10 per share as of this writing.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to keep an eye on Friday! Among that is what has shares of U.S. Goldmining (NASDAQ:USGO) stock up today, the biggest pre-market stock movers worth knowing about this morning and more. You can catch up on all of this news at the following links!
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On the date of publication, William White did not hold (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.
