CorsairThe initial public offering (IPO) of Corsair Gaming on NASDAQ under the ticker “CRSR” was disappointing on Wednesday. The company’s stock price dropped by 16%.
The PC and gaming component maker priced its stock at $17 per share on Tuesday night. During its market debut, CRSR shares started trading at $15.12 per share, below its offering price. The stock closed at $14.25 per share.
Corsair sold 14 million shares and raised $238 million, bringing its valuation to $1.3 billion. It is twice the amount paid by EagleTree Capital for a controlling stake in the PC and gaming component maker in 2017.
EagleTree owns around 92% stake in the PC and gaming component maker as of June 30. The New York-based private equity firm remains a majority shareholder post-IPO.
Corsair delivered strong financial results amid the COVID-19
Although Corsair’s IPO fell short of expectations, the company has done incredibly well amid the COVID-19 pandemic. For the first half of 2020, Corsair generated $23.8 million in revenue compared to a $15.9 million net loss in the same period a year ago.
