Two small IPOs launched on Thursday, with shares of SQL Technologies falling 15% and HeartCore Enterprises dropping 1%.
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Two companies, HeartCore Enterprises and SQL Technologies , listed their shares Thursday. The results were dismal.
SQL and HeartCore are both small IPOs that opened on the Nasdaq. HeartCore collected $15 million while SQL raised $23.1 million. Shares of HeartCore (HTCR) ended its first day as a public company off 1%; SQL (SKYX) fell by more than 15%.
Large initial public offerings have been scarce this year. The biggest new issue so far in 2022 came from private equity firm TPG (TPG), which raised $1 billion in January. Shares of TPG rose more than 15% in its debut.
Credo Technology Group Holding (CRDO ), which provides high-speed connectivity solutions for customers in the data-infrastructure market, gained more than 17% last month. Credo collected $200 million and was this year’s first big technology IPO.
HeartCore was the first of the IPOs to open on Thursday. The stock launched at $5 and closed at $4.95, down a nickel from its offer price. HeartCore sold 3 million shares at $5 each, the middle of its $4 to $6 price range. Boustead Securities is the underwriter on the IPO.
The Tokyo company provides customer experience software for its 819 customers. To speed the digital transformation of businesses, HeartCore also offers robotics process automation, as well as process and task mining. Sumitaka Yamamoto, HeartCore’s CEO, will own nearly 57% of common stock after the IPO, the prospectus said.
SQL Technologies, which does business as Sky Technologies, kicked off at $14 and ended at $11.85, down $2.15 from its offer price. The Johns Creek, Georgia, SQL sold 1.65 million shares at $14 each, above its $11 to $13 price range. The Benchmark Company is the underwriter on the deal.
Founded in 2004, SQL provides universal power-plug devices that eliminate the need for users to touch hazardous wiring while installing light fixtures, ceiling fans and other hard-wired electrical products. Sky’s products have evolved with prototypes offering advanced smart capabilities. The company’s SkyHome App can be used to schedule and control light fixtures and ceiling fans, offering energy savings eco mode, dimming, and back-up emergency lighting, a prospectus said.
Write to Luisa Beltran at [email protected]
