Ostin Technology stock reverses downward trend, rallies 46%

Ostin Technology (OST) stock shot up 46% in late morning trading Tuesday, reversing a recent downward slide in the wake of its spectacular initial public offering last week.

Shares of the display components maker opened at $3.75. The stock recently changed hands at $4.43, up 46%, at approximately 11:40 a.m. E.T.

OST stock rocketed 892% following its IPO on April 27. The stock abruptly shifted gears the next day, plunging 88%, and had slid downward since.

For its IPO, Ostin priced 3.38M ordinary shares at $4 per share, raising $13.5M. Underwriters were given a 45-day option to buy up to 506K additional shares at the public price.

Incorporated in the Cayman Islands, OST is a supplier of display modules and polarizers in China. The company’s products are used in consumer electronics, outside LCD screens and automotive displays.

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