Why Singapore-based Genius Group (GNS) stock tumbled in NYSE debut? 

Image Source: © PureSolution | Megapixl.com

Highlights:

  • Singapore-based Genius Group began trading on NYSE under the ticker symbol GNS.
  • The edtech company has 2.7 million students in 200 countries.
  • Genius Group downsized its IPO by 55% to US$18 million in March.

Singapore-based education technology company Genius Group Ltd. made its debut on NYSE on Tuesday under the ticker symbol GNS.

The DNS stock fell 8.23% to US$$27.99 at 5:29 pm ET after its debut..

“Our listing on the NYSE American represents a major milestone in the ongoing growth of Genius Group and our GeniusU Edtech platform,” said James Hamilton, CEO and founder.

The company announced on Monday that it is offering 3,272,727 ordinary shares for US$6.00 per share in the IPO. In addition, it will provide an additional 490,909 common shares for the underwriters, Boustead Securities, LLC., at the IPO price in case of over-allotment.

The company expects to raise over US$22.5 million from the IPO.

GNS has acquired four companies: Education Angels provides early learning to kids aged 0-5 in New Zealand. E-Square offers primary and secondary school education in South Africa. The University of Antelope Valley offers vocational courses and university degrees in California. Lastly, Property Investors Network provides property investment courses in England.

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© Andreaobzerova | Megapixl.com

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According to Hamilton, post the IPO, Genius Group will focus on providing their students with the leadership, entrepreneurial, and life skills to excel in the fast-paced world.

The edtech firm downsized its initial public offerings by 55% to US$18 million in March. The Genius Group offerings are slated to close on April 14.

Bottom Line:

The Genius Group CEO Roger James Hamilton is a New York Times best-selling author. Genius Group is valued at over US$300 million and is regarded as the world’s no. 1 Entrepreneur Education company.


 


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