Private securities marketplace Forge Global saw its stock price more than double by midday on its first day of trading.
The company completed its merger with SPAC Motive Capital Corp. and began trading on the New York Stock Exchange on Tuesday, opening at $11.06, slightly above its previous closing price of $10.06. By midday Tuesday, Forge was trading at $23.42.
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The SPAC merger closed on Monday, giving Forge $215.6 million in gross proceeds.
The company’s public debut is one of few for venture-backed companies this year. VC-backed startups going public through a traditional IPO have been virtually nonexistent. A few VC-backed companies such as Leafly and Fast Radius have completed their SPAC mergers in the first quarter of this year, and Forge Global joins that crew.
The public markets overall have been on a bit of a roller coaster this year. Inflation concerns and geopolitical issues have put many public debuts on pause, though SPAC mergers have less of a choice because they’re on a stricter timeline. Forge was a target of the record number of blank-check companies that formed last year amid the SPAC boom.
The company raised more than $238 million as a private company from investors including Peter Thiel and Tim Draper. It last raised funding with a $150 million venture round in May 2021.
Illustration: Li-Anne Dias
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