Instacart's stock ends below IPO price for first time
Instacart's stock on Tuesday closed for the first time below the price in its initial public offering.
Shares of Instacart, formally called Maplebear, dropped 1.65% to end the session at $29.89, compared to the company's IPO price of $30 on Sept. 18.
Chip designer Arm Holdings' stock dipped 1.69% to $53.52 compared to the $51 price set in its IPO on Sept.
13. After surging in its Wall Street debut, Arm's stock has mostly lost ground, and it has touched intra-day lows below $51 in three of the past four sessions.
Meanwhile, shares of Klaviyo, which debuted last Wednesday, dipped 1.6% to $34.11.
The marketing automation firm's stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.
The lackluster performances of Arm and Instacart's stocks since their market debuts add to doubts about whether a hoped-for revival in IPOs will materialize after a drought of more than 18 months. (Reporting by Noel Randewich in Oakland, Calif., and by Niket Nishant in Bengaluru; Editing by Shweta Agarwal and Aurora Ellis)
