Is It Too Late to Buy the Chime IPO?
The neobank lost steam after its initial pop, but it could be a buying opportunity.
One of this year's most anticipated IPOs hit the market last week. Demand was strong for Chime's (NASDAQ: CHYM) offering. Underwriters were hoping to take the online banking specialist public between $24 and $26 a share, and they pushed it up to $27 on the eve of its exchange-traded debut.
Chime stock opened at $43 when it eventually began trading three hours after Thursday's opening bell. But it went largely downhill from there. The shares closed at $37.11 on its first day of trading and then slid another 6% on Friday.
Is it too late to buy Chime? No. The stock is still 29% above the underwriters' $27, but the shares enter this new trading week fetching less than what those who chased it during its first two days on the market had to shell out.
