Under Armour hit the public markets running last week, closing up nearly 95% in its first day on the Nasdaq exchange. UARM shares, which were initially priced at $7.50 to $9.50 per share and then raised to a range of $10 to $12 early last week, opened at $31.00 a share on Friday, more than double its final $13 IPO price. Shares settled back to close at $25.30 Friday afternoon, marking the best first-day performance of a U.S. company since November 2000.
Based on the IPO price, Under Armour raised about $123.5 million before expenses on 9.5 million shares of Class A common stock. Insiders picked up another $33.8 million in the IPO, selling another 2.5 million shares. UARM had initially expected to raise just $72 million, net of expenses, based on the early price estimates.
Leading bookmaker Goldman, Sachs & Co. and four other underwriters had the option to buy another 1.8 million shares from the selling stockholders to meet anticipated heavy investor demand.
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