Two more newly public companies added to the biggest week for US listings since October, though still delivering mixed results as investors scan for signs of a market rebound.
(Bloomberg) — Two more newly public companies added to the biggest week for US listings since October, though still delivering mixed results as investors scan for signs of a market rebound.
Mineralys Therapeutics Inc., the third company this week to sell more shares than it had planned in its IPO, rose 15% in New York trading Friday after raising $192 million in its initial public offering.
Israel-based Enlight Renewable Energy Ltd., though, slipped 1.4% from its offer price in its US debut after a $252 million share sale.
Enlight Chief Executive Officer Gilad Yavetz said in an interview before the shares began trading that the company is focused on its growth plans and might consider acquisitions.
“With the energy crisis and this lack energy resources, renewable energy, solar storage, wind is becoming so competitive against the conventional source of generating electricity,” Yavetz said “We believe that this is the time to accelerate the business.”
Friday’s trading debuts came on the heels of the year’s biggest IPO on a US exchange. Solar power equipment maker Nextracker Inc. upsized its offering and priced it above the marketed range to raise $638 million. After gaining 27% in its debut Thursday, its shares rose 1.8% more on Friday, with underwriters boosting the size of the offering further by exercising their so-called greenshoe option.
Also this week, lidar-maker Hesai Group exceeded its goals for its IPO, leading a return of China-based companies to US markets. Hesai shares on Friday climbed on their second day of trading for a 17% gain from their offer price.
Four smaller companies, including two blank-check firms and another Chinese company, Lichen China Ltd., also priced IPOs this week in the US. The smallest of the newly public companies was Canada-based psychotropic drug maker Lucy Scientific Discovery Inc., which has fallen about 29% trading under the symbol LSDI.
That was the most listings in a week since August, according to data compiled by Bloomberg. The $1.55 billion raised was also the second-highest for a week in the past year, the data show.
Other pending listings include Johnson & Johnson’s consumer health business Kenvue Inc., which filed last month for an IPO, and Vietnam based electric-vehicle maker VinFast Auto Ltd., which submitted its filing in December.
Still, the $2.3 billion raised so far this year falls well short of the $10.6 billion at this point last year and pales in comparison to the almost $70 billion raised in 2021 in a record year, for US listings.
–With assistance from Trista (Xinyi) Luo.
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