This week the market hasn’t shown much enthusiasm for big-name public trading debuts.
Cryptocurrency exchange Coinbase Global, Inc. (NASDAQ: COIN) was the biggest name to begin trading. It debuted at $381 per share on Wednesday after conducting a direct listing instead of an IPO. It currently trades near $325 — a decline of more than 15%.
Yesterday TuSimple Holdings Inc. (NASDAQ: TSP) began trading after its highly anticipated IPO. TuSimple is an autonomous trucking company. It boasts “the world’s most advanced self-driving technologies” on its website.
According to a regulatory filing, the global truck freight market it looks to disrupt is worth an estimated $4 trillion. Many consider it to be a direct competitor of Tesla’s (NASDAQ: TSLA) semi division.
Its IPO price was $40.25. It’s currently trading near $37 per share, a decline of about 7%.
Investors valued the companies in the billions — Coinbase near $60 billion and TuSimple near $7 billion. But investors who bought at the IPO price are sitting on losses.
Meanwhile, yesterday there was a low-key, under-the-radar IPO from a little-known company: Esports Technologies, Inc. (EBET), a technology company specializing in esports gambling.
Per the company’s press release, it sold 2.4 million shares at a list price of $6 each. According to MarketWatch, the list price gave the company a market cap of $75.9 million.
The first trade was executed at $21, an increase of 250% from its list price. It closed the day at $37 for a gain of 515% on the day. In premarket trading, the share price peaked at $71.01 for an increase of 1,083% from its list price.
Despite Coinbase and TuSimple receiving all the press, the real winner for the retail investors appears to be the small-cap stock without any media attention.
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