Shares of China-based mobile content aggregator Qutoutiao Inc. QTT, +128.14% soared in their public debut, after the initial public offering priced at $7. The first trade of the U.S.-listed shares was at $9.10, or 17% above the IPO price, at 11:45 a.m. ET. The have rocketed since to more than double the IPO price at $14.90. The company sold 12 million shares in the IPO to raise $84 million. The company went public at a time that the Renaissance IPO ETF IPO, -0.07% has slipped 2.2% over the past three months and the S&P 500 SPX, +0.03% has gained 4.2%.
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