FTCI - Greentech firm FTC Solar's stock gives back most of post-IPO pop on second trading day

Greentech firm FTC Solar (FTCI) is sinking Thursday, giving back almost all of the nearly 10% pop that it enjoyed a day earlier in its first post-IPO session.FTCI, which rose 9.6% Wednesday to close at $14.26 after its IPO priced at a below-range $13 a share, fell as much as 8.4% intraday to $13.06. Shares later recovered some, but were still changing hands at $13.27 shortly after 11 a.m. ET, down 7% on the session and almost back to the IPO’s price.FTC Solar had expected its initial public offering to price at $18 to $20 a share, but underwriters set the IPO at just $13 a share instead, presumably due to lackluster demand at higher levels.However, the company did manage to sell some 19.8M shares through the IPO, exceeding the 18.4M it had planned to offer. FTCI also boosted underwriters’ overallotment options to some 3M shares from the 2.8M originally

For further details see:

Greentech firm FTC Solar's stock gives back most of post-IPO pop on second trading day