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Shares of China’s Shengfeng Development (NASDAQ:SFWL) dipped modestly Friday following the logistics services provider’s $10M downsized US initial public offering.
Shengfeng shares opened at $4.10, hitting an early low of $3.33 before jumping to a high of $4.20. The stock recently changed hands at $3.90, down 3%, at approximately 3:15 p.m. ET.
The company offered 2.4M shares priced at $4 per share. Underwriters were granted a 45-day option to buy up to 360K additional shares to cover over-allotments. Univest Securities is serving as lead underwriter on the deal.
Last month, Shengfeng downsized its proposed by nearly 50% to $14M.
For more on Shengfeng, check out Donovan Jones’s “Shengfeng Development Launches $36M US IPO.”
