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Solo Brands stock soars out of the gate, valuing company are more than $2.1 billion

Solo Brands Inc.'s stock (DTC) soared out of the gate Thursday, as the first trade on the NYSE was 31.5% above the initial public offering price. The Texas-based maker of Solo fire pits and stoves said overnight that it raised $219.4 million as it sold 12.90 million Class A shares in the IPO, which priced at $17 a share, at the top of the expected range of between $14 and $17 a share. The first trade was at $22.36 at 11:24 a.m. Eastern for 1.8 million shares. With a total of 95.49 million Class A and Class B shares outstanding expected after the IPO, the first trade's price values the company at about $2.14 billion. The stock's strong opening performance comes on a day that the Renaissance IPO ETF (IPO) rallied 1.2% while the S&P 500 gained 0.8%.

-Tomi Kilgore

 

(END) Dow Jones Newswires

10-28-21 1135ET

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