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Shares of the Fremont, Calif.-based gaming component maker opened for trading at $15.12 after pricing at $17 apiece Tuesday evening. They were expected to price between $16 and $18 apiece.
TickerSecurityLastChangeChange %CRSRCORSAIR GAMING14.25-0.87-5.75%
Tuesday’s initial public offering, which raised $238 million, gave Corsair a $1.6 billion valuation. The 14-million-share IPO consisted of 7.5 million shares from Corsair and 6.5 million shares from an existing shareholder.
Corsair, which was founded in 1994 and sold a majority of itself to EagleTree Capital for $525 million in 2017, will trade under the ticker CRSR.
Goldman Sachs & Co., Barclays and Credit Suisse were lead book-running managers of the IPO.
Corsair's debut was a contrast to the momentum that newly public companies have seen during their first day of trading.
Last week, Snowflake Inc., Unity Software Inc. and JFrog Ltd. all saw shares gain sharply after pricing their IPOs.