Shares of Spain’sTurbo Energy SA (TURB) shot up $1.89 – up 37.8 percent from their $5.00 IPO price – to open at $6.89 at 10 a.m. EDT today (Friday, Sept. 22, 2023) on the NASDAQ. Volume was just shy of 101,000 shares on the first trade. The stock hit an intraday high at $7.90 in the morning and retraced its gains to trade at $5.26 – up just 26 cents from its IPO price – in mid-afternoon trading. Turbo Energy’s stock closed on Friday (Sept. 22) at $5.01 – up just a penny or up 0.2 percent from its IPO price – on its first day of NASDAQ trading. Volume was about 4.28 million shares for the day.
Turbo Energy raised $5 million, as expected, in its micro-cap IPO, which was priced Thursday night (Sept. 21, 2023). The profitable photovoltaic (PV) energy storage company – spun off by Umbrella Solar Investment Group – sold 1.0 million American Depositary Shares (ADS) at $5.00 – the assumed IPO price and the low end of the $5.00-to-$6.00 range – in its initial public offering.
Titan Partners, Boustead Securities and Sutter Securities were the joint book-runners.
This was the second micro-cap IPO priced this week – following Davis Commodities Ltd. (DTCK) – in a week dominated by the IPOs of two tech unicorns – Instacart (CART) and Klaviyo (KVYO).
Turbo Energy S.A., based in Valencia, Spain, calls itself “a solar energy innovation company,” the prospectus says. Turbo Energy sells inverters, batteries, and photovoltaic modules to installers and other distributors for residential consumers in Spain. The company says it has the expertise through a subsidiary to expand its business to serve industrial, commercial and international customers.
“We design, develop, and distribute equipment for the generation, management, and storage of photovoltaic (PV) energy,” the prospectus says. “Our energy storage products are managed, from the cloud and through the inverter of the installation, by an advanced software system which is optimized by artificial intelligence (“AI”). The key advantage is that our products, compared to conventional battery storage systems, reduce electricity bills and protect the installation from power outages.”
The company recently launched its flagship product, the Sunbox, “an all-in-one device that integrates most of the equipment for a domestic photovoltaic installation,” the prospectus says.
“The Sunbox is powered by AI and features a software system that monitors the generation, use, and management of photovoltaic energy through the analysis of large amounts of data related to energy generation, consumption, market prices, and weather forecasts. This AI system optimizes battery usage, reducing electricity bills and providing peak shaving and uninterruptible power supply functions.”
For the year ended Dec. 31, 2022, Turbo Energy reported net income of $1.1 million on revenue of $33.2 million, according to financial statements in the prospectus.
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