NEW YORK (TheStreet) -- The initial public offering for Citizens Bank (CFG) , a spinoff of Royal Bank of Scotland (RBS) , was being described Wednesday as the "anti-Alibaba." (BABA) But after a weak start, and commentary that it was a flop, the stock closed up over 7% for the day.
CFG opened for trading a little after 10 a.m. Wednesday at $21.50 a share, lower than initial indications that it would price at $23 to $25. By 1 p.m., the company was trading for $22.70. The IPO has left some, including TheStreet's Jim Cramer, disappointed. But Citizens ended up closing above $23 a share.
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Citizens is coming to market just as regional banks, which have been rising steadily since 2009, have started to turn down. The SPDR KBW Regional Banking ETF (KRE) , which tracks regional banks, is up over 70% over the last five years but down 5% so far this year.
The same trends are evident among banks in New England, where Citizens is based.
United Financial (UBNK) in Connecticut, for instance, is up almost 27% since mid-2011, but hit its low for the year earlier this month. Berkshire Hills Bancorp (BHLB) in New Hampshire is up 35% from its 2011 low, but has fallen about 4% in the last week.