Arhaus shares trade modestly higher after debuting below IPO price

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Shares of Arhaus Inc. ARHS, -1.54% received a mixed reaction in its Wall Street debut, as the stock opened 3.8% below the initial public offering price, then quickly rose above it. The Ohio-based premium home furnishings retailer’s downsized IPO priced at $13 a share, below the expected range, as the company raised $167.7 million. The stock’s first trade was at $12.50 at 11:17 a.m. Eastern for 1.1 million shares. At that price, the company was valued at about $1.75 billion. The stock has bounced since then, to trade recently up 2.5% at $13.32. The stock’s mixed opening comes on a day that the Renaissance IPO ETF IPO, -1.08% dropped 1.7% while the S&P 500 SPX, +0.42% rose 0.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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