Reynolds Consumer Products stock opens 5.8% above IPO price, then adds to those gains
Reynolds Consumer Products Inc.'s stock opened Friday morning 5.8% above its initial public offering price, to give the household products maker a market capitalization of nearly $5.6 billion. The first trade for the stock was at $27.50 at 10:36 a.m. Eastern for 6.5 million shares, after the IPO priced late Thursday at $26, which was in the middle of the expected range of $25 to $28. The stock has inched slightly higher since then, and was last up 6.2%. Reynolds went public at a time that the Renaissance IPO ETF has rallied 10.9% over the past three months, while the SPDR Consumer Staples Select Sector ETF has gained 4.2% and the S&P 500 has advanced 6.9%.
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