Carvana Shares Trading 13% Below Issue Price In Market Debut

Shares of Carvana Co. were trading at $13 Friday morning, 13% below its issue price, in the car company's debut on the New York Stock Exchange. Carvana sold 15 million shares at an issue price of $15 to raise $225 million. With that issue price, Carvana had a market cap of $2.1 billion. Wells Fargo Securities, Bank of America Merrill Lynch, Citigroup and Deutsche Bank Securities were the lead underwriters on the offering. Carvana has granted underwriters a 30-day option to buy up to 2.25 million additional shares.