Funko, the toy maker whose big-headed collectible figures can often be found decorating the offices of animation industry artists, launched a Goldman Sachs/JP Morgan/BofA Merrill Lynch-led IPO last Thursday that went about as poorly as a public offering could possibly go, with some investors labeling it “a disaster.”
In fact, Funko’s IPO offered the worst first-day return for a Wall Street IPO in 17 years, with shares dropping 41% from their initial price of $12 to close at $7.07.