$45 was the IPO price, meant it will be the fist time since 2008 that a major IPO closed below its IPO price on the first day of trading.
Really? I was under the impression that closing below your IPO price is quite rare indeed. Do you have other data?
Edit: actually, just saw a NYTimes article with info that it is indeed rare:
Since 2000, only 18 companies valued at more than $1 billion and listing on American exchanges have opened below their I.P.O. price. On average, tech stocks have jumped — or “popped,” in Wall Street parlance — 21 percent on their first day of trading over the past 24 years, according to Dealogic.
2008 has 31 Total IPO’s, restrict that to 1+ billion and you are not talking about a huge list. Restrict that to an unusual few years and it’s easy for an abnormal but meaningless pattern to show up. But, we have no need to make such assumptions.
PS: Facebook is something of an oddity, opening day has technical issues which ended up inflating the price.
The claim was that Uber might be the first major IPO to close below its IPO price that day.
If its not that uncommon then please show me the other major IPO's that traded below their IPO price on the day they went public.
I'll wait :)
Alstom and CIT Group where both top 20 IPO’s of all time and they fell opening day. Several others where up and down at various points in the day. Which is more my point, being down at some point on opening day is fairly common.
And you site an IPO form the 90's? sigh...