Kodiak Gas Sciences Inc. shares opened at a price that was 2.8% lower than the initial offering price. The company raised $256 million by selling 16 million shares for $16 each. This was well below the anticipated pricing range between $19 and $20. At 12:30 pm Eastern, the first stock trade occurred at $15.56 for 1.1 millions shares. The company’s value was about $1.2 billion at that time. The company went public during a period of strong interest by investors in IPOs. For example, the Renaissance IPO ETF IPO -1.47% rallied 150% over the last three months, while the S&P500 SPX -0.21% added 9.1%.