Investors cheered Traeger Inc. /zigman2/quotes/228383287/composite COOK -4.00% on its public debut, as the grill maker's stock opened 22% above its initial public offering price. The IPO priced overnight at $18 a share, at the top of the expected range of between $16 and $18 a share. The stock's first trade was at $22.00 at 11:08 a.m. Eastern for 3.15 million shares. At that price the company was valued at $2.59 billion. The stock has edged higher since the open, and was last trading up 23.9% at $22.30. The bullish open for the stock occurred on a day that the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -1.45% rose 0.6% in midday trading, while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.69% gained 0.6%.