Shares of lockset maker Intelligent Living Application Group (NASDAQ:ILAG) rallied for the second straight session amid renewed investor interest in Chinese stocks.
Intelligent Living shares opened at $4.14, dropping early to a session low of $3.75 before jumping to a high of $7.28 in late morning. The stock recently traded at $5.13, up 42% from Friday’s close, at approximately 3:15 p.m. ET.
Shares of the company plunged after its $20M initial public offering on July 15. The shares had been trading largely lower since, but began to show signs of rebounding in early August. The stock finished Friday’s session 64% higher.
Intelligent Living’s float is around 8.7M shares, according to Yahoo Finance data. The company offered 5M shares priced at $4 per share for its IPO.
Based in Hong Kong, Intelligent Living is a maker of mechanical locksets and electronic security devices. Its products are sold primarily in Canada and the US.
For more IPO news, check out SA’s IPO News page.
Image and article originally from seekingalpha.com. Read the original article here.