Investors cheered Traeger Inc. (NYS:COOK) 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 (PSE:IPO) rose 0.6% in midday trading, while the S&P 500 (S&P:SPX) gained 0.6%.
July 29, 2021, 11:52 a.m. EDT