To The Moon

Three IPOs debuted this past week, led by LNG services provider Excelerate Energy (EE), which completed the first $100+ million US IPO in over two months.

Excelerate Energy (EE) priced at the high end to raise $384 million at a $2.5 billion market cap. The company owns a fleet of floating storage and regasification units, which are used to regasify liquefied natural gas (LNG) for power generation and other applications. While it depends on few customers, Excelerate has benefited from accelerating growth of LNG demand tied to the war in Ukraine, and it currently has three projects under development. Excelerate Energy finished up 17%.

After slashing its valuation ahead of pricing, data center builder Applied Blockchain (APLD) priced below the downwardly revised range to raise $40 million at a $505 million market cap. Formerly listed on the OTC, the company is early stage with limited operating history. Applied Blockchain finished down 4%.

Singapore-based Genius Group (GNS) downsized and priced at the high end to raise $20 million at a $129 million market cap. The unprofitable company was the latest small issuer to soar on its debut, popping over 400%. Genius Group traded off in the aftermarket to finish up 33%.

One SPAC also priced during the week. Aura FAT Projects Acquisition (AFARU) raise $100 million to target emerging tech in Asia.

Two IPOs and one SPAC submitted initial filings. Piano maker Steinway Musical Instruments Holdings(STWY) filed to raise $100 million. Cancer biotech MAIA Biotechnology(MAIA) filed to raise $15 million. SPAC Feutune Light Acquisition(FLFVU) filed to raise $85 million.