Udemy’s stock disappoints in its Wall Street debut, even after a strong IPO pricing

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Udemy Inc.’s UDMY, -5.17% debut on Wall Street was a disappointment, as the stock opened 6.9% below its initial public offering price, even after a relatively strong IPO pricing. The California-based online-learning platform’s IPO priced overnight at $29 a share, at the top of the expected range, as the company raised $420.5 million. But the stock’s first trade on the Nasdaq was at $27.00 at 12:35 p.m. Eastern for 1.65 million shares. At that price, the company was valued at about $3.71 billion, below the valuation at the IPO price of $3.99 billion. The stock has held below the IPO price since its open, as it has traded in a range of $26.50 to $27.74 since, and was down 6.5% at $27.10 in recent trading. The disappointing debut came on a day that the Renaissance IPO ETF IPO, +0.28% rose 0.3% in midday trading while the S&P 500 SPX, +0.19% ticked up 0.2%

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

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