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Matt Levine

The IPO Pop Isn’t All Bad

Also Griddy, penny-stock scams and private-company scams.

We talked last week about the initial public offering of Coupang Inc., which priced on Wednesday evening at $35 per share. On Thursday, its first day of trading, it opened at $69 per share, almost twice the IPO price, and closed at $49.25. (It closed yesterday at $50.45.) That’s a first-day “IPO pop” of about 40%, which is not unusual for this very hot IPO market.

What was unusual about the Coupang IPO was the allocation of shares. Bloomberg’s Crystal Tse reported: