Lockset maker Intelligent Living Application Group (NASDAQ:ILAG), which went public in July, saw its shares jump 32% in midday trading Tuesday.
Shares opened at $2.49, reaching a high of $2.80 in early trading before slipping to a low of $2.16 in late morning. They recently changed hands at $2.48, up 32% from Monday’s close, at approximately 11:40 a.m. ET.
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.
The company raised $20M through an initial public offering on July 13, offering 5M shares for $4 per share. Shares of the lockset maker soared during their market debut, but tumbled during their second day of trading.
For more on Intelligent Living, check out SA contributor Donovan Jones’s “Intelligent Living Application Group Proposes IPO Plan.”
Image and article originally from seekingalpha.com. Read the original article here.