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Oct. 30, 2020, 11:37 a.m. EDT

Lufax stock stumbles out of the gate, opens 14% below IPO price

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By Tomi Kilgore

Lufax Holding Ltd. /zigman2/quotes/222210431/composite LU +6.91% 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 /zigman2/quotes/207665280/composite IPO +4.48% slumped 4.2%, the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI +2.02% shed 2.0% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.49% dropped 1.8%. Lufax's stock has bounced slightly since the opening, as it was last down 11.1% at $12.00.

/zigman2/quotes/222210431/composite
US : U.S.: NYSE
$ 11.60
+0.75 +6.91%
Volume: 5.83M
May 14, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$28.56 billion
Rev. per Employee
$95,092
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 56.45
+2.42 +4.48%
Volume: 151,964
May 14, 2021 4:00p
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/zigman2/quotes/206267952/composite
US : U.S.: Nasdaq
$ 78.24
+1.55 +2.02%
Volume: 2.88M
May 14, 2021 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,173.85
+61.35 +1.49%
Volume: 1.91B
May 14, 2021 5:02p
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