Lucid Diagnostics Inc. was jeered in its public debut, as the New York-based medical diagnostics technology company’s stock opened on the Nasdaq 8.9% below its initial public offering price, and kept falling. The company raised $70.0 million, as it sold 5.0 million shares in its IPO, which priced overnight at $14 a share, at the bottom of the expected range of between $14 and $16 a share. The stock’s first trade was at $12.75 at 11:03 a.m. Eastern for 365,210 shares. With about 37 million shares outstanding after the IPO, the first trading price valued the company at about $471.65 million. The stock has dropped further since, and was recently trading down 22.1% at $10.91. The stock’s weak opening comes on a day of relatively strong investor interest in IPOs, as the Renaissance IPO ETF rallied 2.0% in midday trading while the S&P 500 gained 1.6%.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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