Sotera Health's stock rallies out of the gate to lift the market cap above $7 billion

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Shares of Sotera Health Co. started their public life with a rally Friday, as the first trade of the sterilization and lab-testing services provider’s stock was 17.4% above the initial-public-offering price. The IPO priced late Thursday at $23 a share, at the top of the expected range. The stock’s first trade was at $27.00 at 12:00 p.m. Eastern for 4.6 million shares. It has since pared some gains to trade up 13.5%, to imply a market capitalization of $7.25 billion. The company went public on a day of relatively good investor demand for recent IPOs, as the Renaissance IPO ETF rose 1.6% while the S&P 500 slipped 0.2%.

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