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Sept. 23, 2020, 12:51 p.m. EDT

Laird Superfood's stock opens more than 50% above IPO price, and keeps rising

Shares of Laird Superfood Inc. (ASE:LSF) enjoyed a super start to their public life, as the Oregon-based plant-based and functional foods company's stock opened 52.5% above its initial public offering price, then kept climbing. The first trade was at $33.55 at 11:52 a.m. Eastern for 145,950 shares. The IPO price late Tuesday at $22 a share, at the top of the expected range. The company sold 2.65 million shares to raise $58.3 million, and the IPO pricing valued that company at $184.3 million. The stock has rallied further since the opening, and was last trading 76% above its IPO price. The company went public at a good time for IPOs, as the Renaissance IPO ETF (PSE:IPO) has run up 24.0% over the past three months while the S&P 500 (S&P:SPX) has gained 5.3%.

Link to MarketWatch's Slice.