SpaceX stock closes below $148 debut price in two-day slide after Nasdaq-100 entry
SpaceX stock closed at $148, below its debut price, in a two-day slide after its inclusion in the Nasdaq-100 index. The company's record IPO raised a total of $85.7 billion after underwriters exercised the greenshoe overallotment option.
SpaceX stock closed at $148 at the end of a two-day slide, falling below its debut price following the company's inclusion in the Nasdaq-100 index. Index inclusion typically lifts demand, but the shares moved the other way.
The company's IPO raised a total of $85.7 billion after underwriters exercised the greenshoe overallotment option, making it one of the largest listings of recent times. Some investors took profits in the sessions after the first day of trading.
Analysts note that early volatility is common for high-profile companies added to major indexes. The stock's path in the coming period will depend on revenue expectations for the company's satellite and launch businesses.
Read next
Gulf companies set to reveal the unequal economic toll of the Iran war
Companies in the Gulf states are set to reveal the unequal toll that the Iran war is taking on regional economies. According to The Straits Times, the fortunes of these economies largely depend on how reliant they are on the Strait of Hormuz.
New Zealand's NZ On Air gives nearly $22m in taxpayer rebates to game development studios
DBS shares cross $70 for the first time as Singapore's STI index hits new high
Datacom Group profit drops to $20m as data-centre spending rises
