Everett-based Funko Sees Shares Plunge as it becomes a Public Company

The Everett-based collectible maker is celebrating its IPO in NYC.
 
 

Funko executives rang the opening bell at Nasdaq in New York City today to celebrate the company’s foray into the market with its initial public offering (IPO).

The Everett-based collectible maker, which initially filed for an IPO aiming to raise $100 million then tried to up that amount to more than $140 million, was forced to cut back sales as demand weakened.

The company's shares, initially priced at $12, opened at $8 this morning and fell further to $7.4 later in the morning as the strong demand projected by the lead underwriters never materialized. It lost 38 percent of its value after it hit the market. 

Funko initially announced that the pricing of its IPO of 10,416,666 shares of its Class A common stock, would be sold at offering price of $12.00 per share under the ticker symbol “FNKO.” Existing shareholders had planned to sell an additional 1.7 million shares.

In Funko’s initial filing, the company pointed to strong growth in recent years, with net sales jumping from $107 million in 2014 to $427 million in 2016.

The 20-year-old company opened its first brick-and-mortar store in Everett earlier this year.  

The company is celebrating in New York City with its company name in lights in Times Square, where they will also have a pop-up store.

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