UTime IPO Evokes Dot-Com Era’s Giddiness With 2,600% Rally
- Chinese telcommunication firm ranks as best debut since 1999
- Shares began to sink by third session, giving up 36%
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Every quarter or so in the U.S. equity capital markets, there’s a least one debut by a tiny company which completely blows up charts and traders’ minds. This current contender? UTime Ltd.
The Chinese maker of mobile phones and accessories went public on Tuesday in New York at $4 share. By Wednesday, the stock hit a peak of $107.33, up nearly 2,600% from its offering price. The company, valued at about $33 million at its debut, now has a market capitalization around $350 million even after the stock retreated Thursday.