A day after Coinbase's
stock-market debut, the market for initial public offerings shows little sign
of let-up. Five
companies went public today: Applovin, TuSimple, Karat
Packaging, and Esports Technologies opened on the Nasdaq,
while Agilon Health made its debut on the New York Stock Exchange.
Unlike the cryptocurrency
exchange's direct listing on Wednesday, these five companies listed via
traditional methods with banks underwriting the deals. Also unlike the
cryptocurrency exchange, not all these stocks enjoyed first-day
gains.
Esports Technologies was
first to trade, opening at $21 a share, more than triple the company's $6 offer
price. Shares of the electronic-sports wagering concern went on to touch a high
of $37 before closing at $36.42, up more than 500%.
Applovin,
meanwhile, was the day's biggest IPO and the lone loser. Stock of the
provider of software for mobile-game developers opened at $70 before closing at
$65.20, off 18.5% from its $80 offer price.
Karat Packaging climbed 16%, to close at $18.56; Agilon Health rose 35%, to $31; and TuSimple ended flat, at $40 a share.
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