SoftBank-backed Tempus AI extends slump after strong listing

Groupon

20/06/2024 21:05

(Updates)
    ** Shares of SoftBank  9984.T -backed Tempus AI  TEM.O 
tumble as much as ~21% to slump for the third straight session
    ** The genetics testing firm, led by Groupon  GRPN.O 
co-founder Eric Lefkofsky, closed up 8.8% at $40.25 on its
market debut on Friday, June 14
    ** Shares fell 9.4% on Monday and 16.9% on Tuesday
    ** Tempus, which was founded in 2015 and is yet to post a
profit, raised $410.7 mln by selling 11.1 mln shares at $37/shr,
the higher end of its targeted range 
    ** "We saw some weakness as early as the opening trade on
Friday, and if an IPO fails to pop, that's reason enough for a
lot of investors to get out. In other words, once it was clear
Tempus wouldn't get an AI premium, investors headed for the
exit," said Matthew Kennedy, senior strategist at IPO research
firm Renaissance Capital

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))