Skycorp Solar Group Limited (PN)of China priced its small-cap IPO at $4.00 – the low end of its $4.00-to-$5.00 price range – and sold 2.0 million shares – the number of shares in the prospectus – to raise $8.0 million on Monday night, March 3, 2025. Skycorp Solar’s IPO goes into the books as the first U.S. IPO priced in March 2025. At pricing, Skycorp Solar had a market cap of $108 million.
Skycorp Solar’s stock slid at the opening today – with its first trade at $3.69 – down 31 cents from its $4.00 IPO price – at noon EST today – Tuesday, March 4, 2025 – on the NASDAQ on volume of 111,850 shares, according to NASDAQ. The stock was last at $3.85 – down 15 cents from its IPO price – after touching its intraday high at $4.45 before 1 p.m. EST. At the closing bell, Skycorp Solar’s stock was at $4.03 – up 3 cents from its IPO price – on NASDAQ volume of 1,074,790 shares.
Cathay Securities acted as the sole underwriter.
Skycorp Solar, based in Ningbo City, Zhejiang Province, is the holding company for a Chinese manufacturer and distributor of solar photovoltaic and computing products. The holding company is incorporated in the Cayman Islands)
“Through our subsidiaries in China, we manufacture solar cables and connectors, as well as other solar photovoltaic products, and computing products. Our mission is to provide green energy solutions to data centers,” Skycorp Solar said in the prospectus
Skycorp Solar Group Limited is profitable, according to financial statements in the prospectus: The Chinese holding company earned net income of $1.17 million on revenue of $49.86 million for the 12 months that ended Sept. 30, 2024.
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