Shares of Esports Technologies Inc. EBET, -30.40% soared 36.5% in premarket trading Friday, adding to the 6-fold gain in the previous session, as investors continued to cheer the public debut of the Las Vegas-based online gambling company.
The stock’s first trade Thursday morning was at $21.00, or 250% above the $6.00 a share initial public offering price, and it continued to climb in volatile trading to close at $36.42. At that closing price, the Esports’ market capitalization was about $460.7 million, compared with the market cap of $75.9 million at the IPO pricing. Based on premarket trading Friday, the company is on track to open with a market cap above $600 million. The frenzy for Esports shares occurred on a day that shares of Applovin Corp. APP, -6.44%, with a valuation of $28.6 billion at the IPO price, closed 18.5% below its IPO price, and TuSimple Holdings Inc. TSP, -0.13%, valued at $8.5 billion at its IPO price, closed right at its IPO price. The Renaissance IPO ETF IPO, -1.56% rose 1.3% on Thursday while the S&P 500 SPX, +0.36% gained 1.1%.