Shares of software firm Cardlytics(ticker: CDLX) are down 1.5% in its IPO debut on Nasdaq.
The Atlanta-based company, which priced its public stock offering last night at $13 per share to raise $70.2 million, opened this morning during another wild day on Wall Street.
“All hell broke loose on the markets, but we’re holding our own,” Cardlytics Chief Executive Officer Scott Grimes told Barron’s. “Given the (unpredictable) conditions, we feel good.”Cardlytics stock is trading at $12.80. The DJIA is down 1.3% so far today.
How Cardlytics’ stock fares over the next several weeks could offer an early test on how tech IPOs fare in 2018 after the last two years proved to be duds.
There’s growing optimism again, now that cloud-storage company Dropbox, a longtime IPO holdout, confidentially filed to go public in mid-2018 with lead underwriters Goldman Sachs Group and JPMorgan Chase. The San Francisco–based company, which was last valued at $10 billion and claims a revenue run rate of $1 billion, could trigger a wave of high-profile technology listings this year, some argue. Some venture capitalists and executives expect fewer, but larger, IPOs involving enterprise companies.
BofA Merrill Lynch and J.P. Morgan are joint book-runners for Cardlytics’ IPO. In the nine months ending in September, Cardlytics lost $16 million on sales of $91 million.