RLX Technology More Than Doubles Over IPO Price in First Day of Trading

China-based vaping products specialist RLX Technology (NYSE:RLX) has made an auspicious debut on the U.S. stock market. After selling for $12 per American depositary share (ADS) in its initial public offering, the company's stock opened at $22.34 per ADS on Friday, eventually rising to $29.51 at the close.

In its IPO prospectus, RLX staked a claim as the "No. 1 branded e-vapor company in China," with its RELX line of vaping goods. The company said its market share was nearly 63% across the first three quarters of 2020, and it was No. 1 in brand awareness in the country.

Like many companies coming to the stock market lately, RLX is growing fast. It booked net revenue of over 2.20 billion yuan ($341 million) in those three initial quarters of 2020, almost double the 1.14 billion yuan ($176 million) in the same period of 2019.

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Source Fool.com