Japan’s Syla Technologies (NASDAQ:SYT) shares were trading 15% lower Friday afternoon following a $15M US initial public offering.
Syla offered 1.9M American Depositary Shares for $8 per ADS. Underwriters were granted a 45-day option to buy up to 281K additional ADSs to cover any over-allotments. Boustead Securities is serving as lead bookrunner.
ADSs of Syla opened at $8, quickly hitting a high of $8.40 before dropping to a low of $6.01 in late morning. The stock recently changed hands at $6.77 at approximately 2:25 p.m. ET.
Based in Tokyo, Syla operates an asset management platform targeted at individual investors that crowdfunds the purchase and sale of real estate, solar power plants, and computers for crypto mining. The company also provides maintenance services for the properties, solar power plants and computers it sells.
Syla also runs a platform aimed at institutional investors, corporate investors and high net-worth individuals.
Syla first filed with the SEC for an IPO in November, seeking to raise around $17M.