Shares of INNO Holdings (INHD) surged 246.75 percent from their $4.00 IPO price to close at $13.87 today – Thursday, Dec. 14, 2023 – in their NASDAQ debut. The stock opened at 11:12 a.m. EST today at $10.50 – more than doubling its IPO price and scoring a moonshot. A moonshot occurs when a stock at least doubles – increasing 100 percent – or more – from its IPO price on the first day of trading.
A Dow Jones Newswires/MarketWatch story said the stock “was paused due to volatility at least 11 times.” INNO Holdings’ stock swung from a session low at $5.25 to an intraday high at $19.21. Volume totaled about 2.43 million shares.
The Texas cold steel framing company priced its small-cap IPO on Dec. 4, 2023, in line with the terms in its prospectus: 2.5 million shares at $4.00 to raise $10.0 million. At the time, the company said it expected its stock to start trading on Dec. 12.
AC Sunshine Securities was the sole book-runner.
INNO Holdings, based in the Houston suburb of Brookshire, Texas, says its mission is to transform the construction industry with its proprietary cold-formed steel-framing technology and other building innovations. The company describes Its products – steel studs, tracks and headers – as an alternative to the construction industry’s traditional lumber-framing methods. INNO Holdings says its products can reduce labor costs. The company’s name, “INNO,” comes from the word “innovation,” according to the prospectus.
“We are currently a manufacturer of cold-formed-steel members and we offer a full range of services required to transform raw materials into precise steel framing products and prefabricated homes,” the prospectus says.
INNO Holdings says its customers use its products in residential, commercial, industrial and infrastructure construction projects.
The company is not profitable. For the 12 months that ended March 31, 2023, INNO Holdings reported a net loss of $2.09 million on revenues of $2.82 million, according to financial statements in the prospectus.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.