China's YangGuFang stock slides following downsized IPO (YGF)

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Photo on IPO (initial public offering) theme. The abbreviation "IPO" on a colorful background. Business concept image — Ivan Martynov

YanGuFang (NASDAQ:YGF), a Chinese maker of oat and grain-based products, saw its shares slide 11% Tuesday morning following its downsized $8M US initial public offering.

Shares of the food and wellness products maker opened at $4 just after 10:00 a.m. ET. The stock slid to a low of $3.36 before rebounding a bit to recently change hands at $3.56 at approximately 11:50 a.m. ET.

YanGuFang priced 2M shares at $4 per share. Underwriters were granted an option to buy up to 300K additional shares at the public price to cover over-allotments. EF Hutton is serving as sole bookrunner.

In January, YanGuFang cut the size of its IPO by 37% to $19M. The company originally filed in September to raise around $30M.