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Shares of the London-based clearing house farfetch (FTCH) surged double-digit on Friday as it began trading on the New York Stock Exchange with a first public offer that attracted considerable interest from institutional investors.
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Farfetch's shares opened at 27 for a 35% gain at the start of trading. Shares climbed to a 42.3% gain and closed at 28.45 on the stock market today,
Late Thursday, the Farfetch IPO helped raise $ 884 million by setting the price of 44.2 million shares at 20.
Pricing reaches the top of the revised range upward. Its 44.2 million shares jumped initial plans to offer 37.5 million shares.
IPO Boutique research and consulting firm said chain controls have shown that the Farfetch IPO was "oversubscribed several times". This suggests a strong demand for shares.
The company's IPO prospectus states that its mission "is to be the global technology platform of luxury fashion, connecting creators, curators and consumers". The main underwriters were Goldman Sachs and JPMorgan.
Farfetch IPO Suit Eventbrite, Elanco
Farfetch provides an online platform for the global luxury fashion industry, designed to connect consumers and retailers. The platform has three main components: applications, services and data.
For the six months ended June 30, Farfetch reported revenues of $ 136.8 million. This represents a 45% increase over the same period last year, with a net loss of $ 68.4 million.
The Farfetch IPO follows the successful debut of Eventbrite (EB) and Elanco Animal Health (ELAN) Thursday. Eventbrite ended the day up 59% while Elanco grew 50%. Friday, Eventbrite closed at 34.25, down 2.3%. Elanco closed at 34.10, down 5.3%.
Among other IPOs on Friday, a biopharmaceutical company Y-mAbs Therapeutics (YMAB) saw its rocket shares. Shares closed at 24, up 50%.
Y-mAbs has raised $ 96 million by offering 6 million shares at age 16, the high-end. The company is an advanced clinical biopharmaceutical company. It focuses on the development and commercialization of therapeutic products for the treatment of cancer.
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