General Electrics initial public offering of its insurance unit, Genworth Financial, got a slow start out of the gate, with its initial price of $19.50 falling below the company estimates of $21 to $23 per share. The company raised only $2.83 billion, half-a-billion less than earlier estimates of $3.34 billion.
Trading went as low as $18.75 soon after it opened but has leveled off at $19.50.
"I don't think [Genworth has] got great upside," Frederic Burke, president of Johnston Lemon Asset Management, told Reuters. "It's not a Google."