A third tiny listing in as many weeks is surging in its market debut on Tuesday.
Infobird rose as much as 181% on Tuesday after raising $25 million in its initial public offering at a fixed price of $4 per share. Shares in the China-based customer engagement software company traded as high as $11.25 before paring back gains ahead of a trading halt.
The company is the latest in a series of stock listings under $25 million to surge in their US debut. Utime, also based in China, surged 875% two weeks ago while Las Vegas-based Esports Technologies, which focuses on customers in Asia and Latin America, popped 507% in its first day of trading last week.
The recent success of tiny listings contrasts with headaches among some larger debuts this month. But not every small listing is a winner. Another debut under $25 million on Tuesday, Los Angeles-based Troika Media Group, fell below its IPO price.
WestPark Capital underwrote Infobird’s listing.
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