Snow Lake Resources More Than Doubled, As FinWise Bancorp Raises IPOs

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The IPO market continues to run at full speed as Snow Lake Resources became the last company to skyrocket in its first day of trading.

Snow Lake shares climbed 73% on the Nasdaq, giving the mining company a valuation of $ 206 million.

Snow Lake’s debut follows strong performance from


Sono Group

(ticker: SEV), a German developer of solar-powered electric vehicles that climbed nearly 155% on Wednesday from its bid price of $ 15. Sono’s gain of around 155% is the 13th best start to an IPO this year, according to Dealogic. Sweetgreen (SG), the restaurant chain known for its salads, also rose 76% on Thursday.

Friday, Snow Lake and


FinWise Bancorp
,

a Utah digital bank, both open for trading as the IPO market prepares for its annual Thanksgiving break. New broadcasts are typically suspended during the Thanksgiving holiday, which this year falls on Thursday, November 25. A single offer, from biotechnology Nuvectis Pharma, is expected to be negotiated next week.

Snow Lake shares (ticker: LITM) opened at $ 11.50 and closed at $ 13, up $ 5.50 from its offer price.

The first strong day came after Snowlake’s IPO increased the size of its IPO. The company had planned to offer 2.86 million shares at $ 6.50 to $ 7.50 per share. It’s old 3.2 million to $ 7.50, the high end, raising $ 24 million. Think Equity is the underwriter of the transaction.

Snowlake is a mining company engaged in exploration for lithium in Manitoba, Canada. Its goal is to develop a lithium mine in Manitoba that will provide net zero carbon battery grade lithium to the electric vehicle or electric vehicle consumer market.


Nova Minerals
,

an Australian exploration company and parent company of Snowlake, will own nearly 61% of Snowlake after the IPO, according to a prospectus.

FinWise (FINW), a digital bank in Utah, also won in the secondary market. The stock opened at $ 12.50 and closed at $ 12.73, up 21% from its offer price.

Like Snow Lake, FinWise has increased the size of its agreement. The company had submitted an offer 3.18 million shares at $ 10 to $ 12 each and finished sale of 3.5 million shares at $ 10.50. Piper Sandler & Co. and Stephens are the main underwriters in the transaction.

FinWise, of Murray, Utah, makes loans and accepts deposits from consumers and small businesses. FinWise operates only one full-service banking site in Sandy, Utah, as well as a loan production office in Rockville Center, New York. million. Total loans stood at $ 249.2 million, including $ 2.3 million in Paycheck Protection Program loans, as of September 30. a flyer says.

Finally, KinderCare Learning Companies, a daycare operator, has decided not to go ahead with its IPO. KinderCare was scheduled to open on Thursday, but delayed the offer until the Securities and Exchange Commission declare their registration declaration effective, Barron reported. KinderCare had deposited at offer 25.8 million shares at $ 18 to $ 21.

The company on Thursday night said it had garnered strong investor interest and positive comments in its pursuit of an IPO. “Unfortunately, due to regulatory delays beyond our control, we have decided to postpone our IPO. It’s a real disappointment, because the IPO would allow us to grow faster and serve more hard-working families while continuing our mission to provide future generations with confidence for life, ”according to a statement.

Write to Luisa Beltran at [email protected]

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