Wang & Lee Group Ord Shs WLGS shares are trading lower by 21.02% to $2.48 Monday afternoon, despite a lack of company-specific news. The move lower is likely due to post IPO volatility.
The company made its public debut last week via an initial public offering and shares have seen marked volatility following the opening of trading.
Wang & Lee is a Hong Kong-based construction prime and subcontractor. The company engages in the installation of electrical & mechanical systems, which includes low voltage electrical system, mechanical ventilation and air-conditioning system, fire service system, water supply and sewage disposal system installation and fitting out for the public and private sectors.
The company IPO‘d 1,600,000 shares of its ordinary shares at a price to the public of $5.00 per share for a total of $8,000,000 of gross proceeds to the company.
According to data from Benzinga Pro, WLGS has a 52-week high of $5.90 and a 52-week low of $2.35.