(Reuters) -Grocery delivery platform Instacart’s stock on Tuesday closed for the first time below the price in its initial public offering.
Shares of Instacart, formally called Maplebear, dropped 1.65% to end the session at $29.89, compared to the company’s IPO price of $30 on Sept. 18.
Chip designer Arm Holdings’ <ARM.O> stock dipped 1.69% to $53.52 compared to the $51 price set in its IPO on Sept. 13. After surging in its Wall Street debut, Arm’s stock has mostly lost ground, and it has touched intra-day lows below $51 in three of the past four sessions.
Meanwhile, shares of Klaviyo, which debuted last Wednesday, dipped 1.6% to $34.11. The marketing automation firm’s stock remains above its $30 IPO price, but well below its intraday high of $37 in its first day of trading.
The lackluster performances of Arm and Instacart’s stocks since their market debuts add to doubts about whether a hoped-for revival in IPOs will materialize after a drought of more than 18 months.
(Reporting by Noel Randewich in Oakland, Calif., and by Niket Nishant in Bengaluru; Editing by Shweta Agarwal and Aurora Ellis)
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