CaliberCos (NASDAQ:CDW) stock is on the move Friday following the real estate investment firm’s recent initial public offering (IPO).
CaliberCos has been seeing major trading after the company’s shares made their public debut on Wednesday. That resulted in the stock rallying on Thursday and also saw it continue to increase in pre-market trading today. However, the shares are down as of this writing.
It makes sense that CDW stock would give up some of its gains following its IPO. Considering it went through a couple of days of rallying, investors are likely selling the stock at new highs reached during the increases. That likely explains today’s drop.
CDW Stock IPO Details
CaliberCos held an upsized IPO on Wednesday that saw it offer 1.2 million shares of CDW stock at a price of $4 each. To put that in perspective, the company’s shares closed out trading on Thursday at $7.70 each.
The IPO has CaliberCos raising $4.8 million and there could be more coming. That’s due to an option for underwriters to acquire another 15% of CDW stock at the IPO price. They have 45 days after the closing date of the offering to exercise this right.
CDW stock was initially up as much as 65% during pre-market trading on Friday. However, the company’s shares are now down 17.1% before markets open this morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.