Aveanna Healthcare stock opens in line with IPO price, then slips below it

Shares of Aveanna Healthcare Holdings Inc. didn’t make much of a splash in their public debut, as the stock opened right in line with the initial public offering price. The Georgia-based home-care company said late Wednesday that it sold 38.24 million shares in the IPO to raise $458.8 million, as the IPO priced at $12 a share. The pricing was at the bottom of the expected range, which was lowered earlier Wednesday to between $12 and $13 from a previous expectation of between $16 and $18 a share. Barclays and J.P. Morgan were the lead underwriters. The stock’s first trade was at $12.00 at 11:43 a.m. Eastern for 2.4 million shares, which valued the company at $2.16 billion. The stock has slipped since the open to trade down 3.8% at $11.55. The company went public on a day that the Renaissance IPO ETF dropped 2.5%, while the S&P 500 edged up 0.2%.

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