Xunlei (XNET) Stock Surges on First Day of Trading After IPO

NEW YORK (TheStreet) -- Xunlei (XNET) surged Tuesday, the Chinese Internet company's first day of trading after its IPO.

The company, a consumer Internet platform that allows users to access and manage digital media in China, priced its initial public offering of 7.315 million American Depositary Shares at $12 per ADS, just above the expected price range of $9 to $11.

The stock opened at $14.21 and hit a high of $15.55 for the day as of 11:49 a.m., by which point more than 7.1 million shares had changed hands. The stock was up 24.83% to $14.98 at that time.

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XNET Price Chart

XNET Price data by YCharts

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Xunlei Is Now Oversold (XNET)