Shares of Vroom more than double in IPO
Vroom IPO at the Nasdaq site, June 9, 2020.
Shares of Vroom, an online used car seller, skyrocketed in its first day of trading Tuesday, as the Nasdaq fought to stay in the green.
The company, which filed to go public last month, saw its stock trading up more than 115% Tuesday afternoon. Vroom priced its initial public offering at $22 per share, which came in above its price range of $18 to $20 per share.
Vroom’s market debut comes alongside a handful of other companies that went public this month, after Covid-19 essentially brought IPOs to a virtual halt. Shares of ZoomInfo soared more than 60% in its Thursday debut. Warner Music also returned to the public markets Wednesday and saw its stock jump roughly 20% that day.
Vroom’s surge comes as the broader markets worked to pare back Tuesday’s earlier losses. The Nasdaq Composite was up 0.26% in afternoon trading, after trading lower to start the session. The Dow Jones Industrial Average was down 0.83%. The S&P 500 also dropped 0.74%.
www.cnbc.com 2020-06-09 16:40:02