Sacks Parente Golf's stock slides 30% premarket after more than 600% gain in in its trading debut Tuesday

Sacks Parente Golf Inc.'s stock (SPGC) slid 30% in premarket trade Wednesday, after closing up 624% Tuesday in its trading debut on Nasdaq. The golf equipment maker went public at $4 a share after upsizing its deal at pricing and closed at $29.87. The loss-making company is the first golf IPO since 2016 when Acushnet Holdings Corp. (GOLF) parent of the Titleist brand, came to market. It's the latest consumer company to enjoy strong gains in its trading debut, after Cava Group Inc. , the Mediterranean-style fast-casual restaurant chain that opened up 90.9% on its first day of trade in June, and Oddity Tech Ltd., parent of the Il Makiage online beauty and wellness range, that soared 38% out of the gate in its debut in July. There have been 66 IPOs priced so far this year, which is up 29% from last year, but way below the headier days in the preceding years, according to Renaissance Capital, a provider of IPO exchange-traded funds and institutional research. The Renaissance IPO ETF (IPO) has gained 29.85 in the year to date, while the S&P 500 has gained 16.%.

-Ciara Linnane

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-16-23 0624ET

Copyright (c) 2023 Dow Jones & Company, Inc.