Farfetch's stock opens 35% above its IPO price
Shares of Farfetch Ltd. soared in their public debut in the U.S. Friday, trading as much as 39% above its initial public offering price in the open minutes. The first trade for the U.K. luxury-clothing maker's stock was at $27.00, or 35% above the $20 IPO price, at 11:27 a.m. ET for 5.4 million shares. The stock has traded in a range of $27.00 to $28.00 since. The company sold 44.2 million shares to raise $884 mililon in the IPO, which is trading on the NYSE under the ticker symbol "FTCH." The stock went public at a time that the Renaissance IPO ETF has gained 0.6% over the past three months and the S&P 500 has advanced 6.8%.
