The IPO Buzz: Inspire Veterinary Partners (IVP) Prices IPO at $4.00 – Low End

Inspire Veterinary Partners (IVP) priced its micro-cap IPO at $4.00 – the low end of its $4.00-to-$6.00 range – to raise $6.4 million on Tuesday night (Aug. 29, 2023). The regional U.S. veterinary hospital chain’s IPO priced 1.6 million shares – the same number of shares in the prospectus. The IPO was increased to 1.6 million shares from 1.5 million shares – at the same $4.00-to-$6.00 price range – in an S-1/A filing dated Aug. 17, 2023.

The stock opened at 11:11 a.m. EDT at $3.75, down 25 cents or off 6.25 percent from its $4.00 IPO price, in its NASDAQ debut today (Wednesday, Aug. 30, 2023). Shares of Inspire Veterinary Partners later fell as low as $$2.26 and then regained some lost ground to trade at $3.33, down 67 cents or off 16.75 percent with about a half hour to go before the closing bell. Inspire Veterinary Partners’ stock closed today at $3.07, down 93 cents or off 23.25 percent from its $4.00 IPO price on its first day of NASDAQ trading. Volume was about 2.77 million shares.

Spartan Capital Securities was the sole book-runner.

Inspire Veterinary Partners owns and runs 13 veterinary hospitals in nine U.S. states – California, Colorado, Florida, Hawaii, Indiana, Maryland, Massachusetts, Ohio and Texas. Its hospitals specialize in the care of cats and dogs.

The company added horse care with the acquisition of The Pony Express Hospital in Xenia, Ohio, near Dayton, on Oct. 31, 2022, according to the prospectus.

Inspire Veterinary Partners, based in Virginia Beach, Virginia, acquires and operates U.S. veterinary hospitals.

For the year ended Dec. 31, 2022, Inspire Veterinary Partners reported a net loss of $4.91 million on revenue of $9.83 million, according to the prospectus.

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