Vitru’s stock debuts with a slight gain, as first trade was less than 2% above the IPO price

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Shares of Vitru Ltd. limped out of the gate Friday, with the first trade 1.6% above the initial public offering price. The Brazil-based digital education company said Friday that its downsized IPO priced at $16 share, at the low end of the expected range of $16 to $18 a share, which was recently lowered from expectations of $22 to $24. The stock’s first trade on the Nasdaq was at $16.25 at 10:25 a.m. Eastern for 110,436 shares. The company sold 6 million shares in the IPO, which was lowered recently from 11.23 million shares, to raise $96 million. The company was valued at $368.9 million at the IPO price. The stock has pared some gains since it opened, to trade up just 0.7% at $16.11. Vitru’s public debut comes at the end of a busy week for IPOs, which was highlighted by Snowflake Inc.’s red-hot debt earlier this week. The Renaissance IPO ETF has rallied 20.4% over the past three months, while the S&P 500 has gained 7.7%.
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