Shares of Esports Technologies Inc. EBET,
rose 36.5% in premarket trading on Friday, adding to the 6-fold profit in the previous session, as investors continued to encourage the public debut of the Las Vegas-based online gambling company. The stock’s first trade on Thursday morning was $ 21.00, or 250% above its $ 6.00 per share stock price, and it continued to rise in volatile trading to close at $ 36.42. At that closing price, Esports’ market cap was approximately $ 460.7 million, compared to the market cap of $ 75.9 million at the IPO pricing. Based on Friday’s premarket trading, the company is on track to open with a market cap of more than $ 600 million. The frenzy for Esports stock happened one day when Applovin Corp. APP,
valued at $ 28.6 billion at the IPO price, it closed 18.5% below the IPO price, and TuSimple Holdings Inc. TSP,
valued at $ 8.5 billion at the IPO price, closed at the IPO price. The Renaissance IPO ETF IPO,
rose 1.3% on Thursday as the S&P 500 SPX,
1.1% gained.