Shares of Sentage Holdings Inc. /zigman2/quotes/227703971/composite SNTG +4.11% blasted off Friday, as the China-based financial services provider went public with a near ninefold gain. The company raised $20 million as it offered 4 million shares in its initial public offering, which priced late Thursday at $5 a share, at the low end of the expected range of between $5 and $6 a share. The stock's first trade on the Nasdaq was at $42.99 at 11:14 a.m. Eastern for 14,242 shares. At that price, the company was valued at $601.9 million. Network 1 Financial Securities was the lone underwriter of the IPO. The stock has pared some gains since the open, and was last up 632% at $36.60. The company recorded net income of $1.6 million on revenue of $3.6 million in 2020, after net income of $1.8 million on revenue of $4.0 million in 2019. The company went public at a time that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -4.24% has gained 0.5% over the past three months, while the iShares MSCI China ETF /zigman2/quotes/206267952/composite MCHI -0.43% has lost 4.7% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.22% has gained 5.6%.