Wang & Lee (NASDAQ:WLGS) stock is a hot topic among traders on Friday after the company’s shares started trading recently.
Shares of WLGS stock made their public debut yesterday through an initial public offering (IPO). That IPO priced the company’s shares at $5 apiece. However, the stock didn’t remain at that price and ended up dropping 38% during its debut on Thursday.
Despite that, investors are taking interest in WLGS stock today, which has shares regaining lost ground. As of this writing, WLGS is trading for about $3.65. That represents a 17.7% gain from yesterday’s closing price.
Investors will also note that the company’s stock is seeing incredibly heavy trading on Friday. That has some 10 million shares changing hands as of this writing. For the record, around 1.8 million shares were traded yesterday.
Details of the WLGS Stock IPO
The Wang & Lee IPO saw the company sell 1.6 million shares of WLGS stock. That means it’s set to gain $8 million in gross proceeds from the offering based on the $5 debut price. The company’s business is focused on construction services in Hong Kong.
Considering the wild movement that shares of WLGS have seen these last few days, investors will want to be careful about investing in the company. While the stock is climbing today, we can’t forget how far it fell during its public debut.
There’s even more stock market news that traders will want to know about below!
We’ve got all of the hottest stock market news traders will want to read about on Friday! A few examples of that include why shares of Snap (NYSE:SNAP), Veru (NASDAQ:VERU) and Big Lots (NYSE:BIG) stock are on the move today. You can find out more on these matters at the following links!
More Friday Stock Market News
- Snapchat AI Chatbot Launches for All Users. What to Know.
- Why Is VERU Stock Up 3% Today?
- Big Lots (BIG) Stock Tumbles on Piper Sandler Downgrade
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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.
