: Surf Air Mobility stock debuts at $5, then tumbles

Better late than never, as the shares of Surf Air Mobility Inc. SRFM began trading with only about an hour left in Thursday’s session, and dropped sharply since then. The electric aviation and air travel company went public through a direct listing, rather than the book-building process of traditional initial public offerings, meaning it didn’t raise any money through the IPO. The first trade for the stock on the New York Stock Exchange was at $5.00 at 2:58 p.m. Eastern. At that price, the number of shares outstanding was expected to be 91.93 million, which would imply a valuation of $459.6 million. The stock has tumbled 33.4% since then, to $3.33, prior to a trading halt for volatility.

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