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May 12, 2021, 12:09 p.m. EDT

Global-e stock opens below IPO price, then bounces back above it

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By Tomi Kilgore

Global-e Online Ltd. /zigman2/quotes/226569420/composite GLBE +4.21% 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 /zigman2/quotes/207665280/composite IPO -0.18% dropped 3.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.49% sank 1.5%.

/zigman2/quotes/226569420/composite
US : U.S.: Nasdaq
$ 70.15
+2.83 +4.21%
Volume: 216,099
Aug. 3, 2021 12:37p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.73 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 63.29
-0.12 -0.18%
Volume: 101,171
Aug. 3, 2021 12:39p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,408.47
+21.31 +0.49%
Volume: 1.08B
Aug. 3, 2021 12:40p
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