Chinese fintech firm Sentage Holdings (NASDAQ:SNTG) is rocketing higher today. Indeed, this stock’s rally on its first day of trading is truly impressive. Shares of SNTG stock opened at $43, up from a reference price of $5 per share. This stock saw a daily high of $52, representing gains of more than 1,000% on the opening day.
Since then, shares of SNTG stock have since settled down to the $36 level. However, investors are still up big with this early stage fintech player.
Sentage’s business model of providing loan repayment, collection management and loan recommendations for consumers in China is a big hit with investors. Additionally, given the rally today in Chinese stocks, Sentage appears to have picked the perfect day to go public.
Let’s dive into some of the details of this IPO for investors interested in what Sentage does.
SNTG Stock on the Move on Opening Day
- Sentage Holdings raised $20 million via its IPO today, selling 4 million shares at $5 each.
- Upon opening of trading, the market capitalization of Sentage reached more than $600 million.
- According to the company’s prospectus, Sentage recorded net income of $1.6 million on $3.6 million in revenue in 2020.
- These numbers were slightly lower than 2019 levels, but reflected strength in the company’s core business.
- Network 1 Financial Securities acted as the lone underwriter for this deal.
- An over-allotment option of 600,000 shares for the underwriter at the reference price is included as part of the deal.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/07/sntg-stock-6-things-to-know-as-sentage-holdings-skyrockets/.
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