Corsair Gaming sinks in Nasdaq IPO

Shares fell 11% in their opening trade

Corsair Gaming Inc. shares slid 11% in their opening trade on the Nasdaq.

Continue Reading Below

Shares of the Fremont, Calif.-based gaming component maker opened for trading at $15.12 after pricing at $17 apiece Tuesday evening. They were expected to price between $16 and $18 apiece.

TickerSecurityLastChangeChange %
CRSRCORSAIR GAMING24.30-0.37-1.50%

Tuesday’s initial public offering, which raised $238 million, gave Corsair a $1.6 billion valuation. The 14-million-share IPO consisted of 7.5 million shares from Corsair and 6.5 million shares from an existing shareholder.

Corsair, which was founded in 1994 and sold a majority of itself to EagleTree Capital for $525 million in 2017, will trade under the ticker CRSR.

QUIBI EXPLORES STRATEGIC OPTIONS INCLUDING POSSIBLE SALE

Goldman Sachs & Co., Barclays and Credit Suisse were lead book-running managers of the IPO.

UNITY STOCK JUMPS IN TRADING DEBUT

Corsair's debut was a contrast to the momentum that newly public companies have seen during their first day of trading.

CLICK HERE TO READ MORE ON FOX BUSINESS

Last week, Snowflake Inc., Unity Software Inc. and JFrog Ltd. all saw shares gain sharply after pricing their IPOs.