Shares of Sports Technologies Inc. EBET,
shot up 36.5% in premarket trading on Friday, adding to the 6-fold gain in the previous session as investors continued to cheer on the online gambling company’s public debut based in Las Vegas. The first stock trade on Thursday morning stood at $ 21.00, or 250% above the initial public offering price of $ 6.00 per share, and continued to rise in volatile trading until closing at $ 36.42. At this closing price, Sports ’stock market capitalization was approximately $ 460.7 million, compared to the market cap of $ 75.9 million at the IPO. Based on Friday’s pre-trade, the company is on track to open with a market capitalization in excess of $ 600 million. The frenzy of Sports shares occurred the day Applovin Corp. shares. APP,
with a valuation of $ 28.6 billion on the IPO, closed 18.5% below its IPO, and TuSimple Holdings Inc. TSP,
valued at $ 8.5 billion at its IPO, closed just at its IPO. The IPO of the Renaissance ETF,
rose 1.3% on Thursday, while the S&P 500 SPX,
gained 1.1%.