Markets· IPO

Wave Cyber (Shanghai) debuts on SSE STAR Market, rose 587%

minutes 2021/07/28 10:19:32

Jul 28, 2021 (China Knowledge) - Wave Cyber (Shanghai) (688718) opened at RMB 36.1 on its first day trading on the Shanghai Stock Exchange's STAR Market, an increase of 517% from its IPO price of RMB 5.85.

The shares price ended the day at RMB 40.18, soaring 587% from its issue price. Its intraday high and low were RMB 46.18 and RMB 35.5, respectively. A total of 31.6 mln shares changed hands with a turnover of RMB 1.2 bln, and ending the day with a total market capitalization of RMB 7 bln.

Wave Cyber (Shanghai) reported in its prospectus that the funds raised from the IPO will be used to expand its production capacity, supplement its working capital, and to build a R&D center.

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