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in New York, shares were trading at $52.89, down 36% on the day.įor more articles like this, please visit us at bloomberg.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. True to form, UTime is already making its way back down to earth. The stocks that fit this profile - small in size with the deal managed by smaller banks – tend to be highly volatile. One trader defined the price action seen with UTime as mind-blowing, but also an indication of investors’ desire to find and snatch “early on,” what could become a new hot stock. While it’s showing signs of slowing, the IPO market registered a record quarter in the first three months of the year with $215 billion of proceeds, but nearly $100 billion of that came from the record wave of issuance by special-purpose acquisition companies. Boustead Securities, Brilliant Norton Securities and Fosun Hani Securities handled the UTime IPO.
Their listings also tend to be managed by boutique banks. These firms are fairly small - UTime was the largest of the group raising $15 million. to surge by at least 800% in their debuts over the past decade, according to data compiled by Bloomberg. The company was the latest of 22 IPOs in the U.S. UTime is off the charts, but it’s not the only IPO darling in recent years. Representatives for the company didn’t immediately reply to an email seeking comment. since Internet service provider Freeserve Plc jumped by 1,261% during the dot-com frenzy in 1999, according to data compiled by Bloomberg for companies that raised more than $10 million. The company, valued at about $33 million at its debut, now has a market capitalization around $430 million even after the stock retreated Thursday.Īt 875%, its first-day “pop” - as the debut session is known - gave UTime the best debut in the U.S. By Wednesday, the stock hit a peak of $107.33, up nearly 2,600% from its offering price. The Chinese maker of mobile phones and accessories went public on Tuesday in New York at $4 share. equity capital markets, there’s at least one debut by a tiny company which completely blows up charts and traders’ minds.
(Bloomberg) - Every quarter or so in the U.S.