Lufax stock stumbles out of the gate, opens 14% below IPO price
Lufax Holding Ltd. picked a rough day to go public, as shares of the China-based online lender to small businesses and salaried workers opened 14.0% below the initial public offering price amid a sharp selloff in the broader stock market. The first trade on the NYSE was at $11.60 at 11:33 a.m. Eastern for 4.2 million shares, below the IPO price of $13.50. The disappointing opening comes as the Renaissance IPO ETF slumped 4.2%, the iShares MSCI China ETF shed 2.0% and the S&P 500 dropped 1.8%. Lufax's stock has bounced slightly since the opening, as it was last down 11.1% at $12.00.
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