Global-e Online Ltd.
GLBE,
-0.22%
received a less-than-enthusiastic reception on its public debut, as the direct-to-consumer, cross-border ecommerce platform company’s stock opened 3% below its initial public offering price before trading higher, on a big down day for the broader market. The stock’s first trade was at $24.25 at 11:56 a.m. Eastern for 1.7 million shares. The IPO had priced at $25, which was at the top of the expected range of between $23 and $25 a share, as the company raised $375.0 million. At the stock’s first trade, the company was valued at $3.45 billion. The stock has bounced above the IPO price since the open, as it was recently trading up 1.2% at $25.29. The company went public on a day that the Renaissance IPO ETF
IPO,
-3.21%
dropped 3.7% and the S&P 500
SPX,
-1.54%
sank 1.5%.
