The initial public offering (IPO) market picked back up in the shortened trading week last week, with three companies raising over $443 million. That level of activity is expected to continue in the week ahead, with two small companies slated to raise a combined $35 million.
In the week's biggest offering, Excelerate Energy, Inc. (NYSE: EE) raised $384 million after pricing its shares at the high end. The company owns a fleet of floating storage and regasification units, used to regasify liquefied natural gas (LNG). The stock ended the week up 17%.
In the week's best performance, Genius Group Ltd. (NYSE: GNS) popped over 400% in its debut and ended the week up 33%. The Singapore-based education-tech company raised more than $19.6 million after pricing its downsized offering at the high end of its range. Genius Group has 1.9 million students, with 1.87 million free students and 35,600 paying students, alongside 9,900 partners, as of June, 30, 2021.
In last week's final IPO, Applied Blockchain, Inc. (NASDAQ: APLD) raised $40 million by pricing shares below its downwardly revised range. The company offers datacenters for cryptocurrency miners, with its first facility in North Dakota being online and providing 55MW of energy as of Feb. 2, 2022. Applied plans to bring 800MW online by May 2023, 1.8GW by May 2024 and 5GW over the next five years.
Here's the listings planned for the week ahead:
Ocean Biomedical Inc. (NASDAQ: OCEA) plans to raise $22 million from 2 million shares priced between $10 to $12 each. The biotech seeks to bridge the "bench-to-bedside" gap using its relationships with research universities to license and develop technology to treat various diseases. Ocean's preclinical pipeline includes multiple humanized monoclonal antibodies for the treatment of non-small cell lung cancer, a malaria vaccine, and two malaria therapeutics.
Austin Gold, Corp. (NYSE: AUST) plans to raise $13 million by offering 3.3 million shares at $4 each. The gold exploration company has interests in four properties in Nevada, but only one it considered material at this time.