Infobird Co. Ltd. flew out of the gate Tuesday, as the China-based provider of artificial intelligence-powered customer engagement software’s shares were trading more than double the initial public offering price. The stock was the biggest gainer trading on major U.S. exchanges. The company said late Monday that it sold 6.25 million shares in the IPO, which priced at $4 a share, to raise $25 million. At the pricing, the company was valued at $101.0 million. Westpark Capital and GF Securities were the underwriters. Infobird’s first trade Tuesday on the Nasdaq was at $7.00 at 2:05 p.m. Eastern for 472,040 shares, or 75% above the IPO price. It has continued to rise since the open, and was recently up 113.8% at $8.55. The company reported net earnings of $1.6 million on revenue of $6.2 million for the six months ended June 2020, after net income of $2.0 million on revenue of $9.4 million in the same period of 2019. The company went public on a day that the Renaissance IPO ETF fell 2.5% and the S&P 500 declined 0.9%.
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