The IPO market continues to shoot at all cylinders as Snow Lake Resources became the latest company to soar during its first trading day.
Snow Lake’s shares rose 73% on the Nasdaq, giving the mining company a $ 206 million valuation.
Snow Lakes debut follows the strong performance from
I’m a group
(ticker: SEV), a German solar-powered electric car developer that on Wednesday rose nearly 155% from its $ 15 offer price. Sonos’ 155% gain is the 13th best debut of an IPO this year, according to Dealogic. Sweetgreen (SG), the restaurant chain known for its salads, also rose 76% on Thursday.
On Friday, Snow Lake and
a digital bank in Utah, both opened for trading as the listing market prepares for its annual Thanksgiving break. New emissions typically pause during the Thanksgiving holiday, which falls this year on Thursday, November 25th. Only one offering, from biotechnology Nuvectis Pharma, is scheduled to go live next week.
Shares of Snow Lake (ticker: LITM) opened at $ 11.50 and closed at $ 13, an increase of $ 5.50 from the offer price.
The strong first day came after Snowlake’s IPO increased the size of the IPO. The company had planned to offer 2.86 million shares at $ 6.50 to $ 7.50 per share. It sold $ 3.2 million for $ 7.50, which is the peak of its range, and raised $ 24 million. Think Equity is the insurer on the trade.
Snowlake is a mining company engaged in lithium exploration in Manitoba, Canada. Its goal is to develop a lithium mine in Manitoba that will supply net carbon-free, battery-quality lithium to the consumer market for electric vehicles or electric cars.
an Australian exploration company and Snowlake’s parent company will own almost 61% of Snowlake after the IPO, a prospectus states.
FinWise (FINW), a digital bank in Utah, also won in the aftermarket. The stock opened at $ 12.50 and ended at $ 12.73, a 21% increase from the offer price.
Like Snow Lake, FinWise increased the size of its deal. The company had requested to offer 3.18 million shares for $ 10 to $ 12 each and ended up selling 3.5 million shares for $ 10.50. Piper Sandler & Co. and Stephens are leading underwriters on the trade.
FinWise, Murray, Utah, provides loans to and takes deposits from consumers and small businesses. FinWise operates only one full-service bank in Sandy, Utah, as well as one loan manufacturing office in Rockville Center, NY. Total assets rose 6.3% to $ 338.3 million for the nine months ended September 30, while total deposits grew 37% to $ 253. million. Total loans amounted to $ 249.2 million, including $ 2.3 million in payroll loans, per share. September 30, it says in a prospectus.
Finally, KinderCare Learning Companies, a childcare center operator, has decided not to proceed with its IPO. KinderCare was scheduled to open for trading on Thursday, but delayed the offering as it waited for the Securities and Exchange Commission to declare its registration statement valid. Barrons has reviewed. KinderCare had requested to offer 25.8 million shares for $ 18 to $ 21.
The company said late Thursday that it received healthy interest from investors and positive feedback through its pursuit of an IPO. “Due to regulatory delays beyond our control, we have unfortunately decided to postpone our listing. This is a real disappointment as the listing should allow us to grow faster and serve more hard-working families while promoting our mission to provide future generations of confidence in life, “according to a statement.
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