Home furnishings company Arhaus Inc. rose briefly and then fell in its trading debut after a downsized initial public offering priced below a marketed range to raise $168 million.
Shares of the Boston Heights, Ohio-based company, which sold for $13 in the IPO, fell as much as 7.7% Thursday. The shares were down 1.4% to $12.83 at 1 p.m. in New York trading. The company sold 12.9 million shares Wednesday after marketing them for $14 to $17. The stock sale didn’t include 10 million shares from current investors as previously planned.