The year of 2018 was in great part remembered in the Wall Street by a great number of tech IPOs that came out into the market with great hopes for their public offers. However, unlike many of the tech companies that went public during 2018, CooTek IPO seemed to have taken a downward turned already during the opening sale.
CooTek went public back in September 2018 with estimated value of their IPO set at 57 million dollars, while the company planned to open the initial trading session at the price between 14$ and 16$ based on the estimated value of CooTek IPO.
CooTek was approved for a listing on Nasdaq back in 2018 under the thicker (CTK), but it appears that CooTek is somewhat having a hard time attracting more investors.
Still, the most recent purchase of 270,000 shares of CooTek by Morgan Stanley might have pushed the price up with the latest closing.
How Well is CooTek (CTK) Doing in 2019 After Its Debut in September 2018?
CooTek is a Chinese-based company working on manufacturing custom made keyboards for mobile devices, but unlike other tech companies going public in 2018, CTK shares didn’t live up to the company’s expectations at the very first trading session.
This was the case as CTK shares started at the price of 12$, below its targeted price between 14$ and 16$, also additionally going down with the opening trading session and falling below the starting price as investors didn’t respond as expected.
CTK shares are still traded below the opening price of 12$, trading at 10$ per share, while IPO managed to raise 52,7 million dollars, which is over 4 million less than expected for the initial public offer.
However, with the latest purchase of 270,000 CTK shares by Morgan Stanley, the share is seeing an upward trend with the latest closing, however, still traded 10.89$ and trying to break the resistance of 11$.