Investors Bullish On Jumei International IPO
On Friday, the IPO for Jumei International (NYSE: JMEI) was released to a bullish open with some profit taking coming soon after.
The company priced shares at $22, an amount slightly higher than the original $19.50-$21.50 anticipated by Jumei. The stock ended up opening at $27.25, with 9.5 million shares in circulation.
After opening at $27.25, the stock dipped back down to $25.52 and has since been hovering around the $25 mark. While the stock did dip down from the opening price Shares were still up 13 percent (at last check) from the $22 mark that the stock was priced at.
Underwriters for the IPO include Goldman Sachs (Asia), Credit Suisse, J.P. Morgan, China Renaissance Securities (Hong Kong) Limited, Piper Jaffray and Oppenheimer.
Jumei, as stated by the company, is "China’s No. 1 online retailer of beauty products as measured by gross merchandise volume."
Shares of Jumei were trading up 13.5 percent to $24.97 from the priced value per share of $22 at last check.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.