Squarespace Falls 9.1% in Debut in a Direct Listing First
- Firm is first major direct listing to close below guide price
- Listing comes on third day of losses on U.S. exchanges
This article is for subscribers only.
Website-hosting service Squarespace Inc. fell 9.1% after opening at $48, the first of seven major direct listings to end its first day of trading below the so-called reference price assigned by the exchange.
The shares, which briefly rose in the initial trading on the New York Stock Exchange, closed at $43.65 Wednesday, giving the company a market value of about $5.9 billion. Fully diluted to include employee stock options and related holdings, that value rises to more than $6.1 billion.