Shares in Funko have hit an important milestone for the pop culture specialist as it continues to rebound from what has ben billed as ‘one of the worst starts for a public company in recent times.’
Funko stock closed the day at $12.55 last Friday, marking the first time the closing price had exceeded the company’s original IPO pricing of $12 per share, set last year.
When the company debuted on Nasdaq stock market last November, its stock dropped 44 per cent, billed by the likes of Renaissance Capital as the ‘worst first day for a public company in 17 years.’
However, Funko CEO Brian Mariotti held fast, stating that the IPO and investor reactions would not make the company change direction overnight.
In a recent interview with GeekWire, Funko president, Andrew Perlmutter addressed that Funko ‘is not a straightforward company,’ neither a toy company or a collectables company.
Instead it aims to be the centre of pop culture with licenses for everything from Dr. Seuss to Game of Thrones to the NFL.
“We see ourselves as the purveyors of pop culture,” he said. “We are trying to deliver solutions because we believe everyone is a fan of something.”
Growth in sales from popular product lines like Avengers Infinity War , Star Wars, Harry Potter and more have a number of investors excited about the company, while others see huge potential in the kidult trend in toy buying.
In January last year, Funko acquired London-based Underground Toys, giving the firm a headquarters in Europe to aid international expansion.