The Li-S Energy Ltd (ASX: LIS) share price has slumped over the course of its first week on the ASX. Though, it’s still well above the offer price on its prospectus.
Li-S Energy debuted on the ASX at 11am last Tuesday. Its stock quickly took off to finish its first day’s trade at $2.33 – a whopping 174% higher than its IPO offer price of 85 cents.
Since then, the company’s stock has slipped 15.02%.
At the time of writing, the Li-S Energy share price is $1.98, 1.49% lower than its previous close and 132% higher than its prospectus’ offer price.
Li-S Energy is working towards developing lithium-sulphur batteries using boron nitride nanotubes and other nanomaterials. According to the company, its lithium-sulphur batteries have greater capacity, stability, performance, and cycle life than traditional lithium-sulphur batteries.
Let’s take a closer look at Li-S Energy’s first week on the ASX.
Li-S Energy share price dips over first 7 days’ trade
The Li-S Energy share price has been slipping over the course of its first week on the ASX despite no price sensitive news being released by the company yet.
In fact, aside from the day of its IPO, Li-S Energy’s stock has only recorded 2 days in the green.
It gained 3.4% on its second day as a listed entity and shot 8.6% higher yesterday for no obvious reason.
Unfortunately, the good sessions haven’t managed to outweigh the bad and Li-S Energy’s stock has been left in the red.
Interestingly, Li-S Energy’s largest shareholder, PPK Group Limited (ASX: PPK), is following a similar trajectory. Since Li-S Energy’s float, the PPK share price has fallen 21%.
Li-S Energy is a spinout of PPK Group, alongside Deakin University and PPK’s BNNT Technology Limited.
PPK currently holds 50.1% of Li-S Energy’s voting power while Deakin has another 13%.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.
The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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