(Bloomberg) – The shares of Sacks Parente Golf Inc. fell as much as 83%, erasing almost all of the big day one gains that made it the strongest US stock market debut of 2023.
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Shares of the company, which makes golf equipment including $400 putters, fell to $4.88 on Wednesday. That eliminated most of the Tuesday rally that pushed the stock up 624% from its initial offering price of $4.
The pullback extends the volatile trading that marked Sacks Parente’s first day of trading, with the stock halted at least five times during Wednesday’s session due to the degree of price movement.
Read more: $400 Putters hawker becomes top IPO of 2023 with 624% gain
Even with the losses, the company is trading above its IPO price. The listing is the latest sign of renewed interest in new stock listings, following the IPOs of consumer companies such as Oddity Tech Ltd., the parent company of SpoiledChild and Il Makiage, and the fast-casual chain Cava Group Inc.
Still, Sacks Parente’s market capitalization of about $72 million dwarfs last year’s $190,000 in sales. By comparison, competitor Topgolf Callaway Brands Corp. was valued at about $3.1 billion at the end of Tuesday but brought in nearly $4 billion in annual revenue. Similarly, Acushnet Holdings Corp. a market cap of $3.6 billion at Tuesday’s close and $2.3 billion in 2022 revenue.
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