Grand Canyon Education Inc. stumbled in its stock market debut Thursday, its shares retreating as the first U.S. initial public offering since August ran up against a decidedly bearish investment backdrop.

The shares fell to $9.81 shortly after they began Nasdaq trading, down 18% from its IPO price of $12. They debuted as the Dow Jones Industrial Average fell sharply in early action before recovering, only to trade modestly lower at midday.

Phoenix-based Grand Canyon Education priced 10.5 million shares at the bottom of a reduced range of $12 to $14, marking the end of the longest IPO drought in at least a decade.

The provider of online postsecondary eduction services raised $126 million with underwriters Credit Suisse and Merrill Lynch .  Read full story.  (CNNMoney.com)