Today Brian Mariotti, Funko’s Chief Executive Officer rang the bell at Nasdaq in celebration of its IPO!
This headline isn’t what you would expect to read, but there is a reason the stock plunged today. The initial public offering price was set to be $12, but the opening price ended up being $8, 33% below the initial offering price. According to Tom Kilgore of Market watch “The company disclosed Thursday that it cut its offering of Class A shares to 10.42 million shares from 11.61 million shares, as the IPO priced below the previously expected per-share range of $14 to $16. The maker of toys and licensed-focused collectibles raised $125 million in the IPO, before options granted to underwriters, compared with previous expectations that it could raise up to $185.7 million.”
If you are a true supporter of the brand, now is your chance to own a small piece of this pop culture empire, but is the risk worth taking? With prices being so low, maybe now is the time to get in! I know that I will be purchasing some shares, considering one share is less than buying one pop from a big box store. Congratulations to Funko on all of their success.