IHS Holding stock opens well below the IPO price

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IHS Holding Ltd. ihs stumbled out of the gate Thursday, as the telecommunications infrastructure operator's stock opened and stayed well below the initial public offering price. The company said overnight that its IPO priced at $21 a share, at the bottom of the expected range of between $21 and $24 a share. The stock's first trade was at $17.65 at 11:54 a.m. Eastern for 1.6 million shares, or 16.0% below the IPO price, to value the company at about $5.8 billion. The stock, which has traded within a range of $16.83 to $18.48 since then, was last down 17.6% at $17.31. The stock's disappointing debut came on a day that both the Renaissance IPO ETF ipo and the S&P 500 spx rallied 1.7% in afternoon trading.