Zevia, Zenvia Fall From IPO Prices in Doppelganger Debuts
(Bloomberg) -- A pair of stocks with practically the same name tumbled in their simultaneous market debuts on Thursday.
Soft-drink maker Zevia PBC and customer communications platform Zenvia Inc. each traded below their initial public offering prices during their first session. It’s the latest coincidence after the unrelated doppelgangers conducted IPOs of the same exact size with the same exact price range on the same exact day -- compounding the potential for mistaken identity trades.
“I had so much fun with that,” Zenvia CEO Cassio Bobsin said in an interview. “We were meeting with an investor and someone from the bank gave them a tip to not confuse the two stocks. I said, ‘Interesting, I had one of their drinks once.’ I hope they are successful down the road and it’s been very interesting to have that experience.”
Both IPOs raised $150 million, with identical price ranges of $13 to $15. Zenvia’s deal priced at $13, while Zevia priced at $14. Both stocks then fell from those levels, with Zenvia trading as low as $9.49 and Zevia as low as $11.88.
Zevia is using the symbol ZVIA, while Zenvia is trading under ZENV. After a Zevia spokesperson referred to its counterpart as “The other ‘Z’ company” earlier this week, Bobsin took the high road in response.
“We both have good taste in naming businesses,” he said.
©2021 Bloomberg L.P.