The Li-S Energy Ltd (ASX: LIS) share price has been tumbling lower on Thursday. Shares in the Aussie lithium playwe are down a whopping 13.7% despite no new announcements today.
So, what's wreaking havoc on the recently-listed battery technology group on Thursday?
Why the Li-S Energy share price is tumbling 13% today
Let's start with a little bit about Li-S Energy. The group launched a $34 million initial public offering (IPO) in early September. However, Li-S Energy was initially spun out of the diversified investment group PPK Group Limited (ASX: PPK).
Excitement over the huge market opportunity ahead led the Li-S Energy share price to surge upon listing on Tuesday.
Shares in the battery technology group climbed as high as $3.05 having been listed at $0.85 per share. The oversubscribed IPO turned out to be a hit as investors clambered to snap up shares in the Aussie small-cap.
However, there appears to be a hangover of sorts from that initial head price increase. The Li-S Energy share price is down over 13% today despite no news from the company.
In an interview with The Motley Fool, covered by Fool colleague James Mickleboro, Li-S Energy CEO, Dr Lee Finniear, commented on the IPO:
It's wonderful to see Australian investors get behind home grown technology. We've been delighted with the market's response to the listing and look forward to the future growth of the company.
Dr Finniear also noted the company's significant market opportunity and was optimistic that EV manufacturers will be taking note of its technology.
With the massive growth forecast in the EV and battery market, and the demand for higher energy, lighter, safer batteries, we expect strong interest from EV manufacturers and others who are well aware of the limitations of existing lithium ion batteries.
After rocketing higher on its first day on the markets, the Li-S Energy share price is returning back to earth on Thursday. Shares in the battery technology group are down more than 13% with investors watching closely to see how the company's performance is in the coming months.