Four companies kicked off life as public entities Wednesday with Sono Group posting the strongest first day. Shares of the German solar-powered electric-vehicle developer soared 86%.
Also on the list were Braze, a maker of customer engagement software; Iris Energy, a crypto miner; and UserTesting, which offers software that helps companies gain insight on interactions with their customers.
In all, eight companies are listing their shares this week as the IPO market prepares to shut down for the Thanksgiving holidays.
Sono Group (ticker: SEV), parent of Sono Motors, was the first to open Wednesday. Shares kicked off at $20.06, hit a high of $31.29 and, in afternoon trading changed hands at $27.88, up $12.88 from the offer price.
Sonos is benefiting from the debut of Rivian Automotive (RIVN) last week. The electric truck maker delivered the biggest IPO since 2014 when it raised $11.9 billion. Shares of Rivian gained more than 29% from its $78 IPO price on Nov. 10. The stock has since nearly doubled, trading Wednesday at $144.35.
Sono has developed the Sion, a solar-powered electric car that can recharge itself using panels installed on its exterior. Sono said it had received more than 16,000 reservations on the car as of Nov. 5. The Munich, Germany, company sold 10 million shares at $15 each, the mid-point of its $14 to $16 price range, raising $150 million.
Braze (BRZE), which delivered the biggest deal Wednesday, also rose more than 37%. The stock launched at $87.20 and recently traded at $89.11, up $24.11 from its offer price.
Founded in 2011, Braze’s customer-engagement software allows more than 1,000 brands to listen to and understand their customers. The company had 3.3 billion monthly active users as of July 31, up from 2.3 billion in January 2020. Late Tuesday, the New York company raised $520 million after selling 8 million shares at $65, above its $55 to $60 range.
UserTesting (USER), which is also in the customer engagement business, gained nearly 3% during its debut. The stock opened at $15.25 and recently changed hands at $14.45, up 45 cents from its offer price.
UserTesting had filed to offer about 14.2 million shares at $15 to $17 but ended up selling 10 million shares at $14. UserTesting makes self-guided videos that help companies get insight on interactions with their customers.
Iris Energy (IREN) was the only IPO Wednesday to drop below its offer price. Shares of Iris opened at $28 and recently traded at $24.75, off more than 11% from the offer price. The Australian company sold about 8.3 million shares at $28 a share, more than its $25 to $27 price range.
The company has been mining Bitcoin since 2019. It has liquidated all the Bitcoin it has mined and didn’t have any on its balance sheet as of Sept. 30, the prospectus for its deal said.
Write to Luisa Beltran at [email protected]
