Chinese tech company Viomi soars and then pulls back in post-IPO debut

Shares of China-based Viomi Technology Co. Ltd. shot up as much as 22% above the initial public offering price of $9 in its public debut, before pulling back sharply. After the initial run up to an intraday high of $10.95, the stock fell to a low of $8.97, or 0.3% below its IPO price, before bouncing slightly to be up 0.7% in afternoon trade. The company raised $102.6 million in the IPO, which valued the company at $811.8 million. Viomi has gone public at a time that the Renaissance IPO ETF has gained 2.2% over the past three months, while the S&P 500 has advanced 7.3%.

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