Investors cheered Latham Group Inc.’s Wall Street debut, as in-ground residential swimming pool company’s stock opened 30% above its initial public offering price. The good reception may have come as a surprise to some, as the IPO priced late Thursday at $19 a share, which was at the bottom of the expected range of between $19 and $21 a share. The first trade was at $24.70 at 11:53 a.m. Eastern for 1.9 million shares, which valued Latham at about $2.97 billion. The company sold 20 million shares in the IPO to raise $380 million. The stock has pared some gains since the open, as it recently traded up at 28.7% at $24.40. The company went public on a day that the Renaissance IPO ETF rose 1.8% and the S&P 500 gained 1.0%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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