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.
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.
|CRSR||CORSAIR GAMING INC.||19.23||-0.45||-2.29%|
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.
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Goldman Sachs & Co., Barclays and Credit Suisse were lead book-running managers of the IPO.
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Corsair's debut was a contrast to the momentum that newly public companies have seen during their first day of trading.
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Last week, Snowflake Inc., Unity Software Inc. and JFrog Ltd. all saw shares gain sharply after pricing their IPOs.