Esports Technologies extends post-IPO pop after soaring 507% in first day of trading
- Esports Technologies jumped as much as 48% Friday morning after a colossal public debut the previous day.
- The esports betting company soared 507% in its first day of trading on Thursday.
Esports Technologies extended gains Friday morning after soaring 507% in its first day of trading.
Shares of the competitive gaming company rose as much as 48% to $54 a share on Friday as post-IPO excitement spilled over into its second day on public markets. The stock began to pare some gains after the open and was hovering around $42 as of 9:45 a.m. ET.
Esports Technologies operates a licensed online gambling platform called gogawi.com, where users in Asia and Latin America can bet on competitive gaming events.
The company went public on Thursday, pricing its 2.4 million share offering at $6, the upper end of the expected range. The stock then opened at $21 and closed the day at $36.42, giving Esports a 507% first-day gain.
IPOs in the first quarter of 2021 averaged a 32% first-day "pop," according to data from Renaissance Capital.
At intraday highs, Esports Technologies had a market capitalization of $575 million, up from $75 million at the IPO's pricing.