Opening Day: Aeroclean Shares Jump On First Trading Day

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Shares of Aeroclean jumped on their first day of Nasdaq trading in a slow week for IPOs. The company said it expects to use proceeds from the IPO to fund production of its air purification devices, to support the build-out of its organization, and for other efforts.

Latest IPOs and Direct Listings

Aeroclean (AERC) opened on Nov. 24 at $40. The company had priced 2.5 million shares of common stock at a public offering price of $10 per share. Benchmark, HCFP/Capital Markets, and Valuable Capital Limited acted as joint bookrunning managers for the offering.

AeroClean is a pathogen elimination technology company that offers continuous air sanitization products under the Purgo brand for hospitals, offices, elevators, aircraft, and other shared spaces. AeroClean finished Friday at $81.

Recent IPOs to Watch

The Real Good Food Company (RGF), IO Biotech (IOBT), Mainz Biomed (MYNZ), Cian (CIAN), NerdWallet (NRDS), Arhaus (ARHS), Cadre (CDRE), MDxHealth (MDXH), Society Pass (SOPA), Stran & Company (STRN), and Third Coast Bancshares (TCBX) are among stocks that could see new coverage roll out this upcoming week as the quiet periods for banks that underwrote the companies' IPOs expire.

Upcoming IPOs

Upcoming IPO and direct listings expected include Nuvo Group, Austin Gold, Chobani, FreeCast, Samsara Inc., Keter Group, and Qiniu.

Nuvo Group has filed with the SEC for an initial public offering of ordinary shares and has applied to list its ordinary shares on the New York Stock Exchange under the symbol 'NUVO.' The company's prospectus stated:

"We believe we are the most advanced data-driven remote healthcare solution focused exclusively on pregnancy care. Our business model today consists of a hardware/software hybrid platform that provides remote access to medical-grade data to all key participants in the pregnancy care ecosystem. Our solution, which we refer to as our INVU platform, is at the core of our business model and provides connected pregnancy care management both at home and in the clinic."

Austin Gold, a gold exploration company focused on gold targets and making district-scale gold discoveries in Nevada, has submitted an application for listing its common shares for trading on the NYSE American under the symbol 'AUST.'

Chobani has filed with the SEC for an initial public offering, stating that it expects that the shares of its Class A common stock will trade on the Nasdaq Global Select Market under the symbol 'CHO.' In its prospectus, Chobani stated:

"At Chobani, we are an anti-traditional consumer packaged goods company. We challenge the old, staid and conventional status quo represented by our legacy competitors by creating food that is delicious, natural, nutritious and accessible... We currently sell our products in single-serve, multi-serve, and/or multi-pack formats through approximately 95,000 retail locations in the United States... Chobani also has an international presence through the operation of a manufacturing facility in Melbourne, Australia and participates in certain international export markets, such as Mexico and Canada. "

Samsara Inc. has filed with the SEC for an initial public offering and applied to list its Class A common stock on the New York Stock Exchange under the trading symbol 'IOT.' The company's prospectus states:

"Samsara is on a mission to increase the safety, efficiency and sustainability of the operations that power the global economy. To realize this vision, we pioneered the Connected Operations Cloud, which allows businesses that depend on physical operations to harness Internet of Things data to develop actionable business insights and improve their operations."

FreeCast has filed with the SEC for an initial public offering of common stock and has applied to list its common stock on the Nasdaq Capital Market, or Nasdaq, under the symbol 'CAST.' 

FreeCast is an entertainment-based content discovery, aggregation and management company that provides SmartGuide digital interactive technology for consumers to organize numerous sources of online media similar to a traditional on-screen television guide.

Keter Group SA has filed with the SEC for an initial public offering in the U.S. The company intends to apply to list its ordinary shares on the New York Stock Exchange, or NYSE, under the symbol 'KETR.' In its prospectus, the company stated: 

"For over 70 years, Keter has inspired people to create amazing spaces in and around the home through an innovative, industry-leading portfolio of durable indoor and outdoor lifestyle solutions... Our products are distributed in approximately 100 countries through a network of blue-chip, omnichannel retail partners, with Keter having a superior presence in the e-commerce channel, compared to the broader home and garden solutions industry."

Qiniu is a Chinese media and data cloud service platform that counts e-commerce giant Alibaba's (BABA) Taobao China as its biggest institutional shareholder with a 17.7% stake.

Other Notable Syndicate Views

CVC Capital Partners and HPS Investment Partners have agreed to purchase a roughly 25% equity stake in Authentic Brands, giving the owner of labels such as Forever 21 and Nautica an enterprise value of $12.7 billion, Bloomberg's Lauren Coleman-Lochner and Crystal Tse reported.

In an interview with Bloomberg Monday, Chief Executive Officer Jamie Salter said the deal achieves the same goal as an initial public offering, as it will allow the company to acquire new lifestyle and entertainment brands. The company had planned to go public this year, but is now aiming for 2023 or 2024.

Disclosure: None

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