Cluey (ASX:CLU) share price jumps 12% after IPO before fading

The Cluey Ltd (ASX: CLU) share price has landed on the Australian share market on Wednesday following the completion of its initial public offering (IPO).

In morning trade the education technology company’s shares were up as much as 12.5% to $1.35.

Since then the Cluey share price has given back these gains and is trading roughly flat at $1.21.

The Cluey IPO.

This morning Cluey became the latest company to complete its IPO when it raised $30 million at an offer price of $1.20 per share. This gives it a market capitalisation of approximately $143.5 million.

Management advised that its IPO was well supported by reinvestment from existing shareholders and a range of new institutional and retail investors. This led to applications…