Happy Friday! Hypertension biotech Mineralys Therapeutics, Inc. (MLYS) opened at $21.10 – up 31.9 percent from its $16.00 IPO price – at 11:15 a.m. EST today (Friday, Feb. 10, 2023) on the NASDAQ. And just like that, Mineralys Therapeutics scored the best opening gain of the three big IPOs priced this week. In comparison, solar tracking company Nextracker, Inc. (NXT) popped 26.3 percent above its IPO price at the opening trade, while Chinese LiDAR company Hesai Group (HSAI) leaped 25 percent above its IPO price on its first trade. Those opening performances reflect the shift in the IPO market’s mood this week. It’s “game on” just ahead of Super Bowl Sunday this weekend.
Mineralys Therapeutics’ stock traded at $20.80 – up 30 percent from its IPO price – at 11:49 a.m. EST on volume of about 1.08 million shares. In comparison, volume on the opening trade was 291,615 shares, NASDAQ records showed.
The pricing of Mineralys Therapeutics’ IPO was in sync with the trend this week. The IPO was upsized by 20 percent to 12.0 million shares – up from 10.0 million shares in the prospectus – and priced at $16.00 – the top of its $14.00-to-$16.00 range. Let’s look at the week’s other two big IPOs:
- Nextracker’s IPO was also increased in size – to 26.6 million shares at pricing, up from 23.26 million in the prospectus – and the IPO was priced at $24.00 – $1.00 above the top of its $20.00-to-$23.00 range.
- Hesai’s IPO was expanded to 10.0 million American Depositary Shares (ADS) – up from 9.0 million in the prospectus – and priced at $19.00 – the top of its $17.00-to-$19.00 range.
The success of Structure Therapeutics’ IPO last week helped the Mineralys deal gain momentum. Shares of Structure Therapeutics, a biotech developing a drug to treat Type 2 diabetes and obesity, shot up 73.3 percent in their NASDAQ debut a week ago – on Friday, Feb. 3, 2023.
Some might say that Mineralys Therapeutics’ opening-day gain is impressive, considering that the NASDAQ Composite Index was down 140.43 points, or 1.19 percent, at 11,649.15 at 12:02 p.m. EST. For the week, the NASDAQ is on track for a loss of about 3 percent.
Elsewhere in the IPO market, two SPAC IPOs were priced last night (Thursday, Feb. 9, 2023). Both jumped in their opening trades on the NASDAQ. Pono Capital Three, Inc. (PTHRU) – 10 million units at $10.00 to raise $100 million- opened at $10.15 at 10:45 a.m. EST. Pono Three is the third SPAC IPO of the year. Bellevue Life Sciences Acquisition Corp. (BLACU) – 6 million units at $10.00 to raise $60 million – started trading at $10.17 at 11:18 a.m. EST. Bellevue Life Sciences Acquisition is the fourth SPAC IPO priced so far this year.
The outlier this week was the public offering of Enlight Renewable Energy Ltd. (ENLT) – a NASDAQ uplisting from the Tel Aviv Stock Exchange. Enlight Renewable Energy’s public offering was priced on Thursday night (Feb. 9, 2023) with the number of shares sold matching the terms in the prospectus – 14.0 million shares. But the offering was priced at $18.00 – below the assumed offering price of US$20.96, which was the stock’s last sale price on Feb. 2, 2023, on the Tel Aviv Stock Exchange, according to the prospectus.
Enlight Renewable Energy’s stock opened at 12:44 p.m. EST today on the NASDAQ at $17.90 – 10 cents below its $18.00 public offering price – on volume of about 1.02 million shares. The opening trade was down 0.56 percent from the public offering price.
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