Graybug Vision Inc.'s stock /zigman2/quotes/207596700/composite GRAY +1.78% started its public life with a rally, as it opened 18.8% above its initial public offering price. The first trade was at $19.00 at 12:15 p.m. Eastern for 293,572 shares, above the upsized IPO price of $16 a share. At the IPO price, the California-based biopharmaceutical company raised $90 million and was valued at $306.5 million. The stock has pared some gains since it opened, to be trading 7.5% above its IPO price. The company went public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO +0.40% has rallied 63.0% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.04% has edged up 1.1%.