Core & Main stock rises in its debut, valuing company at more than $5.2 billion

Core & Main Inc.
CNM,
+18.50%
received a warm reception on Wall Street Friday, as the Missouri-based water, wastewater and fire protection products distributor’s stock debuted on the NYSE 8.5% above the initial public offering price. The company’s IPO priced overnight at $20 a share, at the low end of the expected range, as the company sold 34.9 million shares to raise $698 million. The stock’s first trade was at $21.70 at 11:57 a.m. Eastern for 1.9 million shares. At that price, Core & Main was valued at $5.23 billion. The stock has edged higher since the open to trade up 12.1% at $22.43 in midday trading. The upbeat opening for the stock came on a day of weakness for IPO stocks, as the Renaissance IPO ETF
IPO,
-0.80%
dropped 0.7% while the S&P 500
SPX,
+1.01%
gained 0.8%.

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