Like a rabbit: Hesai Group (HSAI) American Depositary Shares (ADS) shot up 25 percent to open at $23.75 – up $4.75 from their $19.00 IPO price – at 11:19 a.m. EST today (Thursday, Feb. 9, 2023) on the NASDAQ. Opening volume was 1,328,799 shares, NASDAQ records show. The Chinese LiDAR company’s U.S. debut coincided with the last day of the Chinese New Year festival to celebrate the Year of the Rabbit. By 11:43 a.m. EST, Hesai’s ADS were trading at $21.31, up about 12.2 percent on volume of more than 3 million shares.
Chinese LiDAR company Hesai Group (HSAI) priced its IPO at $19.00 – the high end of its $17.00-to-$19.00 range – and upsized the deal to 10.0 million American Depositary Shares – up from 9.0 million ADS in the prospectus – to raise $190 million on Wednesday night (Feb. 8, 2023). Hesai’s ADS are expected to start trading on the NASDAQ today – Thursday, Feb. 9 – the last day of the Chinese New Year festival to celebrate the Year of the Rabbit. As Bloomberg reported, this is the biggest Chinese U.S. IPO since Didi.
Goldman Sachs, Morgan Stanley, Credit Suisse and Huatai Securities are the joint book-runners.
Hesai’s IPO attracted interest at launch from IPO investors who like the LiDAR sector, although some noted that the Shanghai-based company is not yet profitable.
Xiaomi, the Chinese smartphone maker, is among Hesai’s principal shareholders.
Stay tuned.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board.
To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message.
Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions.
Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.