The stock, which opened Monday at $37.98, dropped more than two percent in Monday morning trading. It priced its IPO at $22 on Thursday afternoon.
Still, Zulily is now commanding a market value of more than $4 billion — greater than the two other Seattle tech companies that have completed IPOs in recent years, Tableau Software (market value $3.8 billion) and Zillow (market value $2.9 billion).
We’ll keep our eye on the stock this week to see where investors take it.
The IPO was a huge success by most measures, generating $140 million in cash for the company and making founders Mark Vadon and Darell Cavens and venture capitalists Maveron fabulously rich.
Zulily couldn’t have timed its IPO any better, coming a week after Twitter’s public offering and as the Dow Jones Industrial Average tops 16,000 for the first time.
The company also impressed Wall Street with its fabulous growth, obtaining revenues of last year of $331 million. It also showed a small profit of $155,000 for the nine month period ended Sept. 29.
UPDATE: The stock finished Monday at $36.10, down more than four percent on the day.