Surf Air Mobility shares slump 75% in NYSE debut (updated)

Surf Air Mobility

27/07/2023 20:22

(Adds details on debut price in paragraph 2 and on the company
in paragraph 5)
       July 27 (Reuters) - Electric aviation and regional air
travel company Surf Air Mobility  SRFM.N  shares slumped 75%
below their reference price in a direct listing on Thursday.
    Shares debuted on the New York Stock Exchange at $5 per
share below its reference price of $20.  
    Unlike an initial public offering, in a direct listing
shares are not sold in advance. Shareholders are allowed to sell
shares directly to the public and net any proceeds from the
sale. 
    The stock price at debut is determined by orders coming into
the stock exchange. 
    Surf Air Mobility had earlier this month pushed its listing
date from July 11 to the week of July 24. The company had last
year confidentially filed for a U.S. direct listing after
terminating its $1.42 billion merger with a blank-check firm.
    Cryptocurrency exchange Coinbase Global  COIN.O  and
workplace communication software Slack Technologies also went
public through direct listings. Slack was later bought by
Salesforce  CRM.N . 
    

 (Reporting by Jaiveer Singh Shekhawat and Pritam Biswas in
Bengaluru; Editing by Arun Koyyur)
 ((JaiveerSingh.Shekhawat@thomsonreuters.com;))