The Li-S Energy Ltd (ASX: LIS) share price is tumbling again today despite no news having been released by the ASX newbie.
The plunge is continuing into today’s session. At the time of writing, the Li-S Energy share price is $1.90, 8.21% lower than its previous close.
However, that’s still 123% higher than its prospectus’ offer price of 85 cents per share. That offer price saw Li-S Energy raise $34 million through its IPO.
Let’s take a closer look at the lithium-sulphur battery technology company’s first week on the ASX.
What’s up with the Li-S Energy share price?
Li-S Energy’s shares are in the red for the second day in a row despite the company’s silence.
Li-S Energy debuted on the ASX on Tuesday, delighting market watchers when its stock’s value soared to finish its first day’s trade at $2.34.
In fact, the company’s stock set its first, and so far only, record high of $3.05 in intraday trade on Tuesday.
However, the market might have since calmed down from its initial excitement. The Li-S Energy share price has tumbled on Thursday and Friday, though it’s still miles above its offer price.
Currently, Li-S Energy has a market capitalisation of around $1.2 billion. That’s impressive considering the company has anticipated it would float with a market capitalisation of around $544 million.
The PPK share price has been falling all week despite Li-S Energy’s successful float. PPK owns 45.4% of Li-S Energy’s stock.
The PPK share price is currently 18% lower than it was at last Friday’s close.