Intelligent Living Application Group Stock Down 72.19% Since IPO

Intelligent Living Application Group ILAG opened up its shares for public trading for the first time since it filed for IPO in September 2020. The company agreed to initially offer 5.06 million shares to the public at a $4.00 per share. On its first day of trading, the stock decreased 72.19% from its opening price of $22.01 to its closing price of $6.12.

Intelligent Living Application Group Performance On First Day of Trading

About Intelligent Living Application Group and It's IPO

Headquartered in Hong Kong, we manufacture and sell high quality mechanical locksets to customers in the United States (US) and Canada and have continued to diversify and refine our product offerings over the past 35 years to meet our customers' needs. We believe we are one of the pioneers of mechanical lockset manufacturing in China. Since inception, to cope with our development and increase customer satisfaction in quality, we keep investing in self-designed automated product lines, new craftsmanship and developing new products including smart locks. In order to obtain the confidence of our customers, we have obtained the ISO9001quality assurance certificate.

For its IPO, ILAG agreed to offer 5.06 million shares at a price of $4.00 per share, with an insider lock-up period of 180 days, ending on January 09, 2023.

An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.

Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock's short interest as it moves closer to lockup expiration.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.