The initial public offering (IPO) market remained quiet last week, with only one small traditional issuing and one direct listing joining Wall Street. The week ahead plans to be just as quiet, with only two small listings slated to debut.
The IPO market is typically more active around this time of year as new issuers look to debut post-Memorial Day as Wall Street kicks off the summer season. However, several weeks of high volatility and heavy selling have deterred many companies from listing.
Last week recap:
After delaying the previous week, Bright Green Corp. (BGXX ) listed on the Nasdaq last week nearly 100% above its reference price to start trading at $15.99, marking the first company to complete a direct listing so far this year. Bright Green has limited operating history and has yet to harvey its first crop or generate revenue. However, it is looking to operate in the emerging federally-authorized cannabis market in the United States. The stock ended the week down 30%.
Visionary Education Technology Holdings Group Inc. (VEDU ) raised $17 million from pricing its shares at $4 each. The Canadian company offers secondary and post-secondary education services, serving both Canadian and international students. After popping 525% on its first day, the stock later plunged to end the week down 45%.
For the week ahead:
Brenmiller Energy Ltd. (BNRG ) plans to raise more than $17.3 million from over 3.34 million shares priced at $5.18 each. The Israeli company provides sustainable energy storage solutions through its patented thermal energy storage technology based on storing heat using crushed volcanic rock. The company is currently listed on the Tel-Aviv Stock Exchange (TLV).
SaverOne 2014 Ltd. (SVRE ) plans to raise more than $14.9 million from over 2.24 million shares priced at $5.80 each. The Israeli company provides auto safety equipment, including cell phone detectors and monitors, accident prevention tools, and other related cell phone distracted driving solutions. SaverOne is also listed on the TLV.
