The first-ever trade in China-based Sunlands Online Education Group’s stock was at $13.10 on the NYSE, or 14% above the $11.50 initial-public-offering price. The first trade was made at 10:33 a.m. ET, for 965,970 shares, according to FactSet. The provider of post-secondary and professional education services company’s IPO priced late Thursday at the low end of the expected range of $11.50 to $13.50 a share, to raise $149.5 million, before options granted to underwriters. The stock was last up 20% at $13.77, and has traded in a range of $12.77 to $13.80 since the open. Sunlands’s IPO comes at a time when the Renaissance IPO ETF has gained 2.1% over the past three months and the S&P 500 has lost 1.3%.
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