Shares of Visionary Education Technology Holdings Group Inc. (NAS:VEDU) plummeted 73.7% in afternoon trading Wednesday, to pace all decliners on a bad day for the major U.S. exchanges, a day after the Canada-based private education provider went public on the Nasdaq with a bang. The stock had closed Tuesday, it's first day of trading, at $25.00, or 525% above the $4 initial public offering price. Even with the Wednesday's plunge, the stock was still 64.5% above its IPO price. The company had raised $17.0 million in the IPO, as it sold 4.25 million shares to the public. With 39.25 million shares outstanding after the IPO, the company is currently valued at $258.3 million. Vedu's stock selloff on Wednesday comes as the Nasdaq Composite (NASDAQ:COMP) tumbled 4.5%, the S&P 500 (S&P:SPX) sank 3.8% and the Renaissance IPO ETF (PSE:IPO) dropped 4.8%.
May 18, 2022, 2:02 p.m. EDT