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IPower stock opens 13% above IPO price, which was below the expected range

·1 min read
IPower stock opens 13% above IPO price, which was below the expected range
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IPower Inc. received a nice reception in its public debut Wednesday, even after the seller of hydroponic equipment's initial public offering priced below the recently lowered expected range. The stock's first trade was at $5.66 at 11:37 a.m. ET for 228,400 shares, which was 13.2% above the IPO price of $5 a share. The IPO was priced below the expected range of between $7 and $9 a share, which was lowered last week from a previously expected range of between $9 and $11 a share. At that opening price, the company was valued at $139.3 million. The stock has added slightly to its gains since the open, to recently trade up 15.0% at $5.75. The stock's positive open occurred on a day that the Renaissance IPO ETF slumped 3.0% and the S&P 500 dropped 1.2%.