Skullcandy raised $188 million in its IPO Wednesday, when it issued one million more shares than planned at higher prices than expected. Still, the stock closed at $20 when trading stopped, below its initial price of $23 a share.
Park City-based Skullcandy, which makes headphones and other audio accessories aimed at the action sports and other lifestyles, raised $188 million in Wednesday’s IPO after increasing the number of shares it issued by one million to 9.4 million shares. The company originally expected to raise $150 million by selling 8.4 million shares at between $17 to $19, but the shares began trading at $23.
By comparison, the day’s other big IPO, Zillow, soared from an offering price of $20 to $60 before closing at $39.20 for the day, up nearly 100 percent. Zillow is an online real estate market listing more than 100 million U.S. homes where consumers can buy, sell and rent homes and research home values and prices.