Livent’s stock opens below IPO price, which was below expected range
Shares of Livent Corp. declined in their public debut, after the lithium producer’s initial public offering priced below expectations. The first trade was at $16.25 at 10:05 a.m. ET for 1.99 million share, or 4.4% below the IPO price of $17. The IPO was expected to price at $18 to $20 a share. The company sold 20 million shares to raise $340 million. The shares of declined since the open, and were recently shedding 5.3%. The company has gone public at a time that the Renaissance IPO ETF has lost 10.5% over the past three months while the S&P 500 has gained less than 0.1%.