Millennium Group Intl Stock Down 19.75% Since IPO

Millennium Group Intl MGIH opened up its shares for public trading for the first time since it filed for IPO in October 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 decreased 19.75% from its opening price of $4.0 to its closing price of $3.21.

Millennium Group Intl Performance On First Day of Trading

About Millennium Group Intl and It's IPO

Millennium Group International Holdings Limited is a long-established paper-based packaging solutions supplier and operate a supply chain management business to service our global clients who source their packaging needs from Vietnam and other Association of Southeast Asian Nations ("ASEAN") countries

For its IPO, MGIH 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 01, 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.