China's Golden Sun Education shines in Nasdaq debut

Golden Sun Technology

22/06/2022 18:09

** Shares of Golden Sun Education Group Limited  GSUN.O 
surge in debut on Weds after IPO prices at bottom of
expectations
    ** GSUN opens at $19 and last up 274.8% at $14.99 after
tripping trading halts for volatility
    ** Chinese tutorial services firm sold 4.4 mln shares at $4
for $17.6 mln raise  urn:newsml:reuters.com:*:nGNX4LN3Nl
    ** IPO was marketed in range of $4-$5
    ** Co, established in 1997, offers language tutoring
including in English, Spanish, German, French and Japanese
    ** For fiscal year ended Sept 30, 2021, co generated total
rev of $15 mln and net income of $2.2 mln. That compares to rev
of $7.7 mln and $55k in 2020, per SEC filing https://www.sec.gov/Archives/edgar/data/1826376/000121390022030408/ea160759-f1a8_goldensun.htm
    ** Network 1 Financial Securities sole underwriter for IPO

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))