Todd Spangler NY Digital EditorShares of video-hosting provider Vimeo fell 12.85% on Tuesday, its first day of trading as a publicly traded company after being spun off from Barry Diller’s IAC internet conglomerate.Vimeo stock began trading on Nasdaq under the symbol “VMEO.” It closed at $45.39 per share, down from its price of $52.08 on Monday.
That gives it a current market capitalization of about $7.2 billion (based on 159.1 million shares outstanding).As a result of the spinoff, IAC’s interest in Vimeo is now held directly by IAC shareholders.
As previously announced, IAC shareholders received 1.6235 shares of VMEO stock for each IAC share held as of the close of business on May 24.
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