P10 Inc. received a somewhat lackluster reception on its public debut, as the Texas-based alternative asset management company’s stock opened on the NYSE just 0.8% above the $12 IPO price, the seesawed around that price. The company raised $138.0 million as it sold 11.5 million Class A shares in its initial public offering, which the company said overnight priced at $12 a share, or below the expected range of between $14 and $16 a share. Selling shareholders sold raised $102.0 million as they sold 8.5 million shares in the IPO. The stock’s first NYSE trade was at $12.10 at 11:23 a.m. Eastern for about 1.3 million shares. With a total of about 117.16 million Class A and Class B shares outstanding expected after the IPO, the stock’s first trade values the company at about $1.42 billion. The stock has traded within a range of $12.70 to $11.27 since the open, and was recently changing hands up 0.1% at $12.01. The company debuted on a day that the Renaissance IPO ETF was rising 0.7% in midday trading while the S&P 500 slipped 0.1%.
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