Lucid Diagnostics Shares Open About 9% Below IPO Price and Continue to Fall

Lucid Diagnostics Inc. LUCD,
was booed at its public debut, when shares of the New York-based medical diagnostic technology company opened on the Nasdaq 8.9% below its initial public offering price, and continued to fall. The company raised $70.0 million when it sold 5.0 million shares in its IPO, which was priced overnight at $14 per share, at the lower end of its projected range of between $14 and $16 per share. . The stock’s first trade was $12.75 at 11:03 a.m. Eastern for 365,210 shares. With approximately 37 million shares outstanding after the IPO, the first trading price valued the company at approximately $471.65 million. The stock has since fallen further, recently trading 22.1% to $10.91. The stock’s weak open comes on a day of relatively strong investor interest in IPOs, such as the Renaissance IPO ETF IPO,
rose 2.0% in afternoon trading, as the S&P 500 SPX,
1.6% won.