Ultimate magazine theme for WordPress.

Snow Lake resources more than doubled while FinWise Bancorp rises on initial public offerings

Text size

Spencer Platt / Getty Images

The IPO market continues to thrive as Snow Lake Resources was the youngest company to skyrocket on its first day of trading.

Snow Lake shares rose 73% on the Nasdaq, bringing the mining company to a valuation of $ 206 million.

Snow Lake’s debut follows the strong performance of

I am a group

(Ticker: SEV), a German developer of solar-powered electric vehicles, which soared nearly 155% from its asking price of $ 15 on Wednesday. Sono’s 13th best debut listing this year, according to Dealogic, up about 155%. Sweetgreen (SG), the restaurant chain known for its salads, also grew by 76% on Thursday.

On Friday, Snow Lake and

FinWise Bancorp
,

a Utah digital bank, both of which opened for trading as the IPO market prepares for its annual Thanksgiving break. New issues typically pause during the Thanksgiving holiday, which falls on Thursday, November 25th this year. Only one issue of the biotech Nuvectis Pharma is to be traded next week.

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

The strong first day came after Snowlake’s initial public offering increased the size of the initial public offering. The company had planned to offer 2.86 million shares at $ 6.50 to $ 7.50 per share. It sold $ 3.2 million at $ 7.50, the top of its range, grossing $ 24 million. Think Equity is the underwriter of the deal.

Snowlake is a mining company engaged in lithium exploration in Manitoba, Canada. Their goal is to develop a lithium mine in Manitoba that will deliver battery-grade lithium with zero CO2 to the consumer electric vehicle or electric vehicle market.

Nova minerals
,

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

FinWise (FINW), a digital bank from Utah, also won in the aftermarket. The stock opened at $ 12.50 and ended at $ 12.73, up 21% from the offering price.

Like Snow Lake, FinWise has grown the size of its business. The company had offered 3.18 million shares at $ 10 to $ 12 each, and eventually sold 3.5 million shares at $ 10.50 each. Piper Sandler & Co. and Stephens are lead underwriters on the transaction.

FinWise of Murray, Utah, makes loans to and takes deposits from consumers and small businesses. FinWise operates only one full-service banking location in Sandy, Utah, and one credit production office in Rockville Center, NY. Total assets increased 6.3% to 338.3 million in the nine months ended September 30. Total loans as of Sept. 30 were $ 249.2 million, including $ 2.3 million in loans for the paycheck protection program, a prospectus said.

Finally, KinderCare Learning Companies, a daycare operator, decided not to go public. KinderCare was scheduled to open for trading on Thursday but delayed the offering as it waited for the Securities and Exchange Commission to validate its registration statement, Barron’s reported. KinderCare had requested to offer 25.8 million shares at a price of 18 to 21 US dollars.

The company announced late Thursday that its pursuit of an IPO has received healthy investor interest and positive feedback. “Unfortunately, due to regulatory delays beyond our control, we decided to postpone our IPO. This is a real dis -pointment as the IPO would allow us to grow faster and serve more hard working families while advancing our mission of instilling trust for life to future generations, ”a statement said in a statement.

Write to Luisa Beltran at [email protected]

Comments are closed.

%d bloggers like this: