The IPO Buzz: U Power Surges 619.7 Percent in its NASDAQ Debut

U Power Limited (UCAR) shares shot up 619.7 percent to close at $43.18 – more than seven times their $6.00 IPO price –  in their NASDAQ debut today (Thursday, April 20, 2023). That’s a mega-moonshot – and the best performance on Day 1 for any IPO so far this year. U Power blew past the 255 percent opening-day gain scored by Multi Ways Holdings Ltd. (MWG) in its debut on April 3, 2023. By midday, U Power’s stock had surged past the moonshot milestone to trade up 158.5 percent at $15.51. A moonshot occurs when an IPO’s stock jumps 100 percent or more from its IPO price on its first day of trading. U Power opened at $8.61 – up $2.61 for a 35 percent gain from its IPO price – at 10 a.m. EDT today.

The stock was halted at least 22 times on NASDAQ for volatility, according to Bloomberg. Volume for the day totaled about 3.28 million shares.

The Shanghai-based EV battery-swapping technology company had trimmed its micro-cap IPO at pricing – to 2.42 million shares – down from 2.5 million shares in the prospectus – and priced the deal at $6.00 – the low end of its $6.00-to-$8.00 price range. The IPO raised $14.5 million. The stock in the IPO was offered by the Cayman Islands-incorporated holding company – and not by the Chinese business.

WestPark Capital was the sole book-runner.

U Power Ltd., based in Shanghai, is developing its EV (electric vehicle) battery-swapping technology for the commercial EV market under its proprietary UOTTA brand.

“We intend to primarily focus on developing commercial-use UOTTA-powered EVs, such as ride-hailing passenger EVs, small logistics EVs, light electric trucks, and heavy electric trucks, and their compatible UOTTA battery-swapping stations,” the prospectus says.  

“Our UOTTA battery-swapping stations are designed for precise positioning, rapid disassembly, compact integration and flexible deployment, allowing battery replacement within several minutes,” the prospectus says.

U Power’s appeal stemmed from its segment – EV batteries. 

The company, however, is not profitable, according to the prospectus. U Power reported a net loss of $6.84 million on revenue of $1.75 million for the 12 months that ended June 30, 2022, according to financial statements in the prospectus.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The 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 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.