ARB IOT Group ARBB opened up its shares for public trading for the first time since it filed for IPO in September 2022. The company agreed to initially offer 1.25 million shares to the public at $4.00 per share. On its first day of trading, the stock rose 6.94% from its opening price of $3.6 to its closing price of $3.85.
ARB IOT Group Performance On First Day of Trading
About ARB IOT Group and It's IPO
ARB IOT Group Limited is a provider of complete solutions to clients for the integration of Internet of Things ("IoT") systems and devices from designing to project deployment.
For its IPO, ARBB agreed to offer 1.25 million shares at a price of $4.00 per share, with an insider lock-up period of 180 days, ending on October 02, 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.
See also: Benzinga's Most Shorted Stocks
This article was generated by Benzinga's automated content engine and reviewed by an editor.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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