Sacks Parente Golf Inc. is set to end lower in its first week of trading, just days after notching the best debut of an initial public offering on a US exchange this year.
Shares are down as much as 17% Friday, the third straight day of declines, on track for a weekly decline of about 35%. The slump has also erased all gains from Tuesday’s 624% jump, and if declines hold, the stock will once again close below its $4 IPO price.
The seesaw action is reminiscent of a “pop-and-drop” trend found in small IPOs last year, where micro-cap listings saw huge gains in their trading debuts that quickly collapsed, according to Matt Kennedy, senior strategist at Renaissance Capital. “In a typical IPO, it would be bizarre for a company to price at the low end of its range and then pop 600%,” Kennedy said by phone, referring to Sacks Parente’s first day of trading.
But the $400 putter maker’s first week shows that “there’s still a sub-segment of the IPO market where the casino is open,” he said.Kennedy added that while pop-and-drops have been less frequent for IPOs this year, there’s one other newly public company that has seen similar volatile price swings. VinFast Auto Ltd., which debuted this week via a special purpose acquisition company merger, skyrocketed 255% on its first day of trading on Tuesday, pushing the electric-vehicle maker’s market capitalization above those of General Motors Co. and Ford Motor Co. Shares have since plunged, erasing more than 58% since Tuesday’s close.
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