Virax Biolabs Group Limited (NASDAQ:VRAX) opened up its shares for public trading for the first time since it filed for IPO in March 2022. The company agreed to initially offer 1.35 million shares to the public at a $5.00 per share. On its first day of trading, the stock decreased 9.00% from its opening price of $20.0 to its closing price of $18.20.
Virax Biolabs Group Limited Performance On First Day of Trading
About Virax Biolabs Group Limited and It’s IPO
Virax Biolabs Group Limited is an innovative biotechnology group focused on the detection and diagnosis of viral diseases, with a particular interest in the field of immunology.
For its IPO, VRAX agreed to offer 1.35 million shares at a price of $5.00 per share, with an insider lock-up period of 180 days, ending on January 17, 2023.
An insider lock-up period is a period of time after a company first goes public where major shareholders are not allowed to sell their shares. The insider lock-up period makes sure that the market does not get oversupplied with shares of the company.
Traders may short the stock leading up to the lockup-period expiration date in hopes that the price will fall due to an increase in supply of shares. Retail traders should be watching this stock’s short interest as it moves closer to lockup expiration.
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This article was generated by Benzinga’s automated content engine and reviewed by an editor.
