Sono Group’s stock soars on public debut, valuing solar electric vehicle company at more than $1.8 billion

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Sono Group N.V. SEV, +154.67% received an ovation on its Wall Street debut, as the Germany-based solar electric vehicle company’s stock opened 33.7% above its initial public offering price and kept rising, more than doubling at one point. The company said overnight that its IPO priced at $15.00 per share, in the middle of the expected range of between $14 and $16 a share. The company raised $150.0 million as it sold 10.0 million shares in the IPO. With 69.08 million shares outstanding after the IPO, the pricing valued the company at $1.04 billion. The stock’s first trade on the Nasdaq, under the ticker symbol “SEV,” was at $20.06 at 10:26 a.m. Eastern for about 642,700 shares. The rallied as much as 115.6% to an intraday high of $32.34 before paring gains to trade up 78.7% at $26.80, which boosted Sono’s market value to $1.85 billion. Berenberg and Craig-Hallum were the underwriters of the IPO. The company recorded a loss of EUR25.8 million ($29.2 million) on no revenue during the six months ended June 30, after a loss of EUR9.8 million on no revenue in the same period a year ago. The company’s upbeat debut comes on a day that the Renaissance IPO ETF IPO, -1.35% slid 1.4% while the S&P 500 SPX, -0.26% eased 0.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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