Topical skincare products company Elevai Labs (ELAB) ended its first day of NASDAQ trading on the down beat: The stock slipped to $3.40- down 60 cents or off 15 percent from its $4.00 IPO price – on Tuesday (Nov. 21, 2023). Volume was more than 729,000 shares. Elevai Labs’ shares had opened flat at $4.00 on Tuesday on the NASDAQ. The Newport Beach,California-based beauty company priced its micro-cap IPO at $4.00 – as expected – on Monday night (Nov. 20, 2023) and sold 1.5 million shares – the number in the prospectus – to raise $6.0 million.
Univest Securities was the sole book-runner. Webull Financial was the co-manager.
Shares of Elevai Labs broke issue price soon after they started trading on the NASDAQ. Elevai’s stock was trading at $3.80, down 20 cents of off 5 percent, at 12:50 p.m. EST today.
Elevai Labs, Inc., founded in 2020, uses its patent-pending stem cell processing technology to create its Elevai Exosomes topical skincare products that target the face, neck and upper chest. The products are sold in physicians’ offices – typically in dermatologists’ or plastic surgeons’ offices. Elevai Exosomes are the main ingredient in serums used to reduce redness and swelling after cosmetic surgery procedures such as laser treatments, mid-level chemical peels or radiofrequency micro needling or in serums used daily to reduce hyperpigmentation, fine lines and wrinkles.
The company’s largest direct competitors in the physician-dispensed cosmetic skincare market include SkinCeuticals, a division of L’Oreal S.A.; SkinMedica, a division of Allergan; EltaMD, a division of Colgate-Palmolive, and Dermalogica, a division of Unilever, according to the prospectus.
Elevai’s products are pricey – $299 for a small pump-bottle spray of its daily skincare serum, according to the company’s website.
But Elevai Labs is not yet profitable. For the 12 months that ended June 30, 2023, Elevai reported a net loss of $3.51 million on revenue of $1.03 million.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on IPOScoop.com’s website.)
(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.