Square Inc, Match Group Inc Buck IPO Trend, Successfully Debut

Square Inc (SQ) and Match Group Inc (MTCH) have broken out on their first day of public trading

Nov 19, 2015 at 2:32 PM
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While today's broad-market action is worthy of little more than a shoulder shrug, a pair of initial public offerings (IPOs) is generating plenty of heat. Specifically, two high-profile companies hit Wall Street this morning: mobile payments mogul Square Inc (NYSE:SQ) and dating site operator Match Group Inc (NASDAQ:MTCH). In early afternoon trading, the stocks are sharply higher.

SQ priced shares at $9 for its IPO, even though the company had set a range of $11-$13 earlier this month. Since debuting, demand has skyrocketed, with the stock last seen nearly 49% higher at $13.40. Earlier, the security shot as high as $14.78, or 64% above the IPO price -- yielding a market value of nearly $5 billion.

Meanwhile, MTCH -- the parent company of Match.com, OkCupid, and Tinder -- has been building upward momentum during its debut. The IPO price came in at the low end of its expected $12-$14 range, but opened at $13.50. After briefly backpedaling, the stock was last seen almost 20% higher at $14.39, after touching an intraday peak of $14.89.

The success of Square Inc (NYSE:SQ) and Match Group Inc (NASDAQ:MTCH) potentially holds out hope to startups considering a public offering, despite a backdrop of weak global growth and a looming U.S. interest rate hike. In fact, today's upbeat action represents a change of pace, relative to the last high-profile IPO to hit the Street.

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