Yesterday, we saw what turned out to be one of the hottest ASX IPOs of 2021 play out. That would be the Li-S Energy Ltd (ASX: LIS) share price.
LIS shares had an ASX debut to remember yesterday after the lithium-sulphur battery company rocketed an incredible 174% by the end of the day, rising from its IPO price of 85 cents a share to finish the trading day at $2.33.
That's not all though. At one point soon after market open yesterday, Li-S Energy shares hit a high of $3.05 a share. That represents a gain of almost 260%. Not bad for day one, one could say.
Today, Li-S Energy has had a far less dramatic start to the trading day. The Li-S share price is currently trading at $2.41 a share this morning after opening at $2.36. That's up another 3.4% from where the company closed at yesterday.
So far, at least in its short history on the ASX, the Li-S Energy share price has turned out to be quite the market defier.
Whilst Li-S Energy was enjoying its 200%-plus gains yesterday, the broader S&P/ASX 200 Index (ASX: XJO) was having a clanger of the day. The ASX 200 ended up down a nasty 1.6% by the end of the trading day.
This trend looks to be continuing today. While Li-S Energy has opened pretty strongly today, the ASX 200 is continuing its sell-off so far this morning, down 1.01% at the time of writing to 7,202 points. These ASX 200 moves come after some equally depressing falls on the US markets, both last night and the night prior (our time).
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What's behind the Li-S Energy share price?
Behind the dramatic moves we saw yesterday with Li-S Energy's enthusiastic IPO, we have an emerging energy company working on a new battery technology.
As we covered yesterday, Li-S Energy's flagship battery uses a lithium-sulphur compound for energy storage, which the company believes offers superior energy density, longevity and safety over the widely-used lithium-ion technology of today.
At the current Li-S Energy share price, the company has a market capitalisation of $1.49 billion.
