Why Is Millennium Group Stock Trading Lower Today?

Millennium Group MGIH shares are trading lower on Wednesday amid post-IPO volatility.

The company IPO'd yesterday at an expected price of $4.00 per share with an insider lock-up period of 180 days ending on October 01, 2023.

The stock fell more than 24% on its first day and was halted on a circuit breaker.

Millennium Group is a long-established paper-based packaging solutions supplier committed to providing creative and sustainable packaging solutions to worldwide brands, founded in 1978.

MGIH Price Action: Millennium has a 52-week high of $4.63 and a 52-week low of $2.9.

Millennium shares are down 19.0% at $2.60 at the time of writing, according to Benzinga Pro.