A.K.A. Brands Holding Corp. was jeered by investors in its public debut, as the California-based fashion company's stock opened 13.6% below the initial public offering price. The IPO priced at $11 a share, at the low end of the recently lower expected range. The stock's first trade was at $9.50 at 10:35 a.m. Eastern for about 893,300 shares. At that price, the company was valued at $1.20 billion. The stock has bounced slightly since the open, to trade recently down 10.8% at $9.84. It has traded in a range of $9.30 to $10.29 since the open. The stock's disappointing debut comes on a day that the Renaissance IPO ETF (IPO) was rallying 1.1% and the S&P 500 was climbing 0.9%.
(END) Dow Jones Newswires
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