Shares of Visionary Education Technology Holdings Group Inc.
VEDU,
-76.00%

plummeted 73.7% in afternoon trading Wednesday, to pace all decliners on a bad day for the major U.S. exchanges, a day after the Canada-based private education provider went public on the Nasdaq with a bang. The stock had closed Tuesday, it’s first day of trading, at $25.00, or 525% above the $4 initial public offering price. Even with the Wednesday’s plunge, the stock was still 64.5% above its IPO price. The company had raised $17.0 million in the IPO, as it sold 4.25 million shares to the public. With 39.25 million shares outstanding after the IPO, the company is currently valued at $258.3 million. Vedu’s stock selloff on Wednesday comes as the Nasdaq Composite
COMP,
-4.32%

tumbled 4.5%, the S&P 500
SPX,
-3.64%

sank 3.8% and the Renaissance IPO ETF
IPO,
-4.38%

dropped 4.8%.

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