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