Global-e stock opens below IPO price, then bounces back above it
Global-e Online Ltd. (GLBE) received a less-than-enthusiastic reception on its public debut, as the direct-to-consumer, cross-border ecommerce platform company's stock opened 3% below its initial public offering price before trading higher, on a big down day for the broader market. The stock's first trade was at $24.25 at 11:56 a.m. Eastern for 1.7 million shares. The IPO had priced at $25 (http://www.marketwatch.com/story/global-e-to-go-public-after-ipo-priced-at-top-of-range-valuing-company-at-more-than-35-billion-2021-05-12), which was at the top of the expected range of between $23 and $25 a share, as the company raised $375.0 million. At the stock's first trade, the company was valued at $3.45 billion. The stock has bounced above the IPO price since the open, as it was recently trading up 1.2% at $25.29. The company went public on a day that the
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
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May 12, 2021 12:08 ET (16:08 GMT)
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