FTC Solar Inc.’s stock
FTCI,
+16.31%
rallied out of the gate Wednesday, even after the solar tracker systems company’s upsized initial public offering priced well below the expected range. The company had said on Tuesday that it expectd to offer 18.42 million shares in the IPO, which was expected to price between $18 and $20 a share, but then said overnight that it sold 19.84 million shares at $13 a share to raise $257.92 million. The stock’s first trade on the Nasdaq was at $15.21 at 12:44 p.m. Eastern for 1.2 million shares. At that opening price, the company was valued at about $1.25 billion. The stock has pared some gains since the open, to trade up 12.4% at $14.62. The company went public on a day that the Renaissance IPO ETF
IPO,
-0.92%
fell 0.8% and the S&P 500
SPX,
-0.01%
ticked up 0.1%.
