LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. (NASDAQ:LYT) opened up its shares for public trading for the first time since it filed for IPO in April 2021. The company agreed to initially offer 2.61 million shares to the public at a $4.75 per share. On its first day of trading, the stock fell 14.95% from its opening price of $20.0 to its closing price of $17.01.
LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. Performance On First Day of Trading
About LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. and It’s IPO
LYTUS TECHNOLOGIES HOLDINGS PTV. LTD. are a growing platform services company primarily providing content streaming/telecasting services with over 8 million active users located all across India.1 Our scope of business also covers telemedicine services with local assistance through local Health Centers. Through our platform, our customers are well connected via customer premises equipment (“CPE”) devices/set top boxes (“STBs) and have access to multi-dimensional services including telemedicine service.
For its IPO, LYT agreed to offer 2.61 million shares at a price of $4.75 per share, with an insider lock-up period of 180 days, ending on December 12, 2022.
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.