Zhangmen Education Inc. received a warm welcome on Wall Street Tuesday, as the China-based online education company’s stock opened 40% above its initial public offering price, then rose further. The stock’s first trade on the NYSE was at $16.13 at 11:34 a.m. Eastern for 84,000 shares, above the IPO price of $11.50. The stock was recently up 53% in afternoon trading on volume of 1.8 million shares, enough to make it the biggest gainer on the NYSE, to lift the company’s market capitalization to $2.39 billion, according to FactSet. The stock’s big rally comes on a day that the Renaissance IPO ETF slipped 0.1% and iShares MSCI China ETF dropped 0.7%, while the S&P 500 inched up 0.1%.
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