Lucid Diagnostics Inc.
LUCD,
-21.29%

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
IPO,
+1.57%

rallied 2.0% in midday trading while the S&P 500
SPX,
+1.53%

gained 1.6%.

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