After a quiet month for initial public offerings (IPO), May ended with two small deals to unofficially start the summer season. The week ahead plans to be just as active, with one IPO expected to price in the week ahead.
Last week, Zhong Yang Financial Group Ltd. (NASDAQ: TOP) popped 240% in its debut after pricing shares at the low end to raise $25 million. The Hong Kong-based online brokerage offers trading of equities, futures, and options, and generates most revenues from commission fees. The company's trading volume of futures contracts was 9.20 million trades in fiscal year 2020, 9.61 million trades in fiscal year 2021, and 1.44 million trades during the six months ended September 30, 2021. The stock ended the week up 221%.
After previously delaying its listing, nano-cap SaverOne 2014 Ltd. (NASDAQ: SVRE) raised nearly $9.3 million in its debut. The Tel Aviv-listed company provides auto safety systems, including cell phone detectors and monitors, accident prevention tools, and other related cell phone distracted driving solutions.
For the week ahead:
Phoenix Motor Inc. (NASDAQ: PEV) plans to raise $20 million from 2.5 million shares offered between $7 to $9 each. The SPI Energy (NASDAQ: SPI) spin-off makes electric drive systems and electric vehicles under the name Phoenix Motorcars. The company also markets and sells EV chargers for commercial and residential markets. As of December 31, 2021, Phoenix had delivered a total of 104 electric shuttle buses (91) and work trucks (13).