Home-furnishings retailer Arhaus set for downbeat post-IPO Wall Street reception

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Arhaus Inc. ARHS, +2.31% appears headed for a downbeat debut on Wall Street, as the Ohio-based premium home furnishings retailer’s stock is indicated to open below the downsized initial public offering price. The company said overnight that its IPO priced at $13 a share, below the expected range of between $14 and $17 a share. The company raised $167.7 million as it sold 12.90 million shares in the IPO, which was expected, but selling shareholders didn’t end up selling the 10.00 million shares that was expected. The stock was recently indicated to open on the Nasdaq at around $12.50, or 3.8% below the IPO price. At that price, the company would be valued at about $1.75 billion, well below the previously expected valuation of up to $2.38 billion. The company is going public on a day that the Renaissance IPO ETF IPO, -1.13% slipped 0.3% in morning trading while the S&P 500 SPX, +0.24% gained 0.5%.

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

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