TuSimple Holdings Inc. TSP, received a relatively cold reception on Wall Street Thursday, as the San Diego-based self-driving truck maker’s stock opened just 0.6% above the initial public offering price of $40 a share then fell below it. Investors were likely expecting a better reception, as the IPO had priced above the expected range of between $35 and $39 a share.
The stock’s first trade was at $40.25 at 11:52 a.m. Eastern for 2.7 million shares. At the opening price, the company was valued at $8.54 billion. The stock slipped below the IPO since the open, and was recently trading at $38.33. The stock went public on a day that the Renaissance IPO ETF IPO, +1.32% rose 1.1%, to outperform the S&P 500’s SPX, +1.11% 0.9% gain.