Vroom IPO at the Nasdaq milieu, June 9, 2020.
Source: Nasdaq
Shares of Vroom, an online used car seller, skyrocketed in its first day of trading Tuesday, as the Nasdaq fought to stay in the green.
The company, which filed to go public last month, saw its stock close more than 117% higher. Vroom priced its first public offering at $22 per share, which came in above its price range of $18 to $20 per share.
Vroom’s exchange debut comes alongside a handful of other companies that went public this month, after Covid-19 essentially delivered IPOs to a virtual halt. Shares of ZoomInfo soared more than 60% in its Thursday debut. Warner Music also gained to the public markets Wednesday and saw its stock jump roughly 20% that day.
Vroom’s surge comes as the broader supermarkets worked to pare back Tuesday’s earlier losses. The Nasdaq Composite was up 0.26% in afternoon trading, after exchange lower to start the session. The Dow Jones Industrial Average was down 0.83%. The S&P 500 also dropped 0.74%.
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