ACV Auctions Inc. ACVA, +25.00% got a bullish start to its life as a public company on Wednesday, as the New York-based provider of a digital marketplace for wholesale vehicle transactions’ stock opened 28.0% above the initial public offering price. The first trade for the stock was $32.00 at 12:02 p.m. for 2.3 million shares, which lifted the company’s market capitalization to about $4.9 billion.
The IPO had priced late Tuesday at $25.00, above the expected range of between $20 and $22 a share, as the company raised $413.8 million. The stock has pared some gains since its open, and was recently up 19.6%. The stock rallied despite an otherwise weak day for IPOS, as the Renaissance IPO ETF IPO, -4.86% fell 2.6% in midday trading while the S&P 500 SPX, -0.55% gained 0.6%.