24/7 Wall St.

Gogo Inc. (NASDAQ: GOGO) has now opened for trading after a highly watched initial public offering during a week of turmoil. Most investors have worried about the big, unusual simultaneous decline in the price of stocks, bonds, metals and oil. Still, investors often have a demand for things they know and many travelers know Gogo for its in-flight Internet and entertainment services. Unfortunately, Gogo is not exactly getting the biggest market welcome in its debut trading session.

The company priced its IPO at $17.00 per share for 11 million shares of common stock. Morgan Stanley, J.P. Morgan Securities and UBS Securities were the joint book-running managers. Co-managers are Allen & Company, Evercore Group and William Blair & Company. Its underwriting syndicate has an overallotment option for up to 1.65 million additional shares at the same price and terms of the IPO.

Gogo has been a tentative IPO for a very long time now. It went on the books as a preliminary filing in late 2011. Gogo was even one of our own 17 Most Important IPOs for the Year — but that year was actually 2012.

Gogo shares opened down at $16.08, and shares are currently down 5.5% from its $17.00 per share price at $16.04. At 11:00 a.m. EST, already 4.1 million shares had traded hands. This was supposed to be a good IPO to watch, but the Market Flush this week has turned out to be bad enough that investors have decided that cash is the only safe haven again.