Sea chairman and CEO Forrest Li rings the opening bell, with NYSE president Tom Farley looking on, on the first day of its IPO on Friday. Photo credit: NYSE.
Shares of Singapore’s online gaming, ecommerce, and digital payments company Sea had a rollercoaster ride on the first day of its US$884 million IPO on the New York Stock Exchange (NYSE) on Friday.
The stock, trading under the symbol SE (because SEA was already taken by Guggenheim Shipping), opened the day at US$16.25 and rose immediately to nearly US17. But the price fell to US$14.10 within an hour. It then recovered smartly to trade above US$15 for most of the day, before closing marginally above US$16 at the end.
Source: CNBC.
The Tencent-backed company increased the offer size to 59 million shares from the original 49.7 million shares. Over 35.5 million shares were traded, according to Nasdaq data.
Chinese tech giant Tencent told The Financial Times earlier that it’s likely to subscribe to US$100 million worth of shares. Sea could raise over US$1 billion as underwriters have exercised the option to increase the number of shares.
This post Sea stock has roller-coaster ride on first day of New York IPO appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/sea-stock-has-roller-coaster-ride-on-first-day-of-ipo
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