ACV Auctions stock opens 28% above IPO price

ACV Auctions Inc. 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 fell 2.6% in midday trading while the S&P 500 gained 0.6%.

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.