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Markets · Equity · IPO
Bangyan Technology debuts on SSE STAR Market, fell 15%
2022/09/23 10:29:10

Sep 23, 2022 (China Knowledge) - Bangyan Technology (688132) opened at RMB 26.8 on its first day trading on the Shanghai Stock Exchange's STAR Market, an decrease of 7% from its IPO price of RMB 28.88.

The shares price ended the day at RMB 24.5, falling 15% from its issue price. Its intraday high and low were RMB 26.89 and RMB 23.88, respectively. A total of 16.1 mln shares changed hands with a turnover of RMB 406.9 mln, and ending the day with a total market capitalization of RMB 3.7 bln.

Bangyan Technology Co., Ltd. manufactures and distributes communications equipment. The Company develops and markets command and dispatch products, localized products, converged communication products, agile router products, and communication computing platform products. Bangyan Technology markets its products throughout China.

Bangyan Technology reported in its prospectus that the funds raised from the IPO will be used to upgrade its communication product technology, supplement its working capital, and to build a R&D center.

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