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Zeta Global stock opens nearly 10% below its downsized IPO price

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Zeta Global Holdings Corp.
ZETA,
-14.45%

stumbled out of the gate Thursday, as the stock opened 9.9% below its initial public offering price after a somewhat disappointing pricing. The cloud-based marketing technology company’s downsized IPO priced overnight at $10 a share, at the bottom of the expected range of between $10 and $12 a share. The company sold 14.8 million shares in the IPO, down from an expected 15.6 million shares, while selling shareholders reduced their offering to 6.7 million shares from 7.1 million shares. The stock’s first trade was at $9.01 at 11:40 a.m. Eastern for about 1.8 million shares, which valued the company at about $1.73 billion. The stock has extended losses since, to trade down 11.3% at $8.87. The downbeat opening for the shares comes on a relatively upbeat day for IPOs, as the Renaissance IPO ETF
IPO,
+1.52%

rose 0.7% while the S&P 500
SPX,
+0.42%

gained 0.4%.

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