The plunge labeled “the worst first-day return for an IPO in 17 years” is only comparable to a dot-com-era stock you’ve probably never heard of.
Shares in Everett-based Funko edged down another 7 cents Friday, a day after the devastating market debut that marked it as “the worst first-day return for an IPO in 17 years.”
The stock initially moved up in early Friday trading but ended the day at $7, down 1 percent from its Thursday close.
After the marketer of pop-culture collectibles priced its initial public offering at a lower-than-expected $12 per share, the stock fell 41 percent on Thursday.
Renaissance Capital, which tracks IPO performance, said Funko’s opening day was unparalleled “since June 2000 financial services IPO eChapman.com (-43%).”
It added that the plunge was particularly surprising for a stock offering with Goldman Sachs as the primary underwriter, since “Goldman-led deals over the past five years average a stellar first-day pop of 25 percent.”