The U.S.-listed shares of China-based online fashion company Mogu Inc. MOGU, -11.79% opened at $12 on the NYSE, or 14% below its initial public offering price, with the first trade crossing at 10:08 Eastern for about 374,000 shares. The shares have fallen further since, to trade down 15%. The IPO priced at the low end of its expected range of $14 to $16 per American Depositary Shares. The ADS began trading on the NYSE Thursday under the ticker symbol “MOGU.” The company offered 4.75 million ADS to raise $66.5 million. Mogu went public at a time the Renaissance IPO ETF IPO, -2.06% has lost 15.8% over the past three months, while China’s SSE Composite 510210, +0.26% has slipped 0.3% and the S&P 500 SPX, -2.28% has given up 7.8%.

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