The IPO Buzz: INNO Holdings (INHD) Jumps 246.75 Percent in its NASDAQ Debut

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.

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