Shares of China-based electric car maker Nio Inc. slumped in their debut on the NYSE, after the company billed as the Tesla Inc. rival priced its initial public offering at the low end of its expected range. The first trade was at $6.00 at 10:32 a.m. ET for 8.3 million shares, 4.2% below the IPO pricing of $6.26. The expected pricing range was $6.25 to $8.25. The company raised $1.00 billion in the IPO, which placed a $6.4 billion valuation on the company. The stock declined further since the open, to hit an intraday low of $5.35. It has pared some losses to be down 6.1%. The stock has gone public at a time that the Renaissance IPO ETF has lost 2.5% over the past three months and the S&P 500 has gained 3.4%, while Tesla shares have shed 17%.
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