Zhihu stock opens down 15%, then keeps falling to online content company below $4 billion

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Zhihu Inc.’s stock
ZH,
-10.53%
got a cool reception on Wall Street Friday, as the China-based online content company’s stock opened 15.3% below its initial public offering price. The stock’s first trade was at $8.05 at 1:37 p.m. Eastern for 3.04 million shares. The company had said before the open that the IPO priced at $9.50, which was at the bottom of the expected range of between $9.50 to $11.50 a share, as the company sold 55 million American depositary shares to raise $522.5 million. The stock has extended losses since the open to trade down 26.6% at $6.97, which values the company at about $3.9 billion. Zhihu went public on a day that the Renaissance IPO ETF
IPO,
+0.76%
dropped 1.5% in afternoon trading while the S&P 500
SPX,
+1.66%
tacked on 0.5%.

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