Shares of MYT Netherlands Parent B.V.
soared out of the gate Thursday, as the parent of Germany-based luxury e-commerce retailer Mytheresa Group GmbH raised $354.8 million through its initial public offering, while selling shareholders raised $52.0 million. The first trade for the stock on the NYSE was at $35.85 at 11:50 a.m. Eastern for 2.3 million shares, which was 37.9% above the $26 IPO price. With 85.8 million shares outstanding after the IPO, the IPO pricing valued the company at about $2.23 billion. The stock has pared some of its opening gains, and was up 27.4% in midday trading. MYT went public at a time of strong investor interest in IPOs, as the Renaissance IPO ETF
has run up 28.4% over the past three months while the S&P 500
has gained 12.0%.
View more information: https://www.marketwatch.com/story/mytheresas-parent-stock-soars-in-its-public-debut-with-the-first-trade-38-above-the-ipo-price-2021-01-21