U Power shares skyrocketed amid more than 20 halts for volatility as the Chinese electric vehicle (EV) startup debuted on a US exchange on Thursday.
While its initial public offering (IPO) was priced at $6 per share, U Power surged as high as $75 before closing up about 620% at US$43.18 on the Nasdaq Capital Market.
This marks the best US IPO to date this year, taking the top spot from Singapore-based Multi Ways Holdings which finished its first session up 255% when it debuted on the NYSE American at an offering price of $2.50 per share earlier this month.
The gross proceeds of the offering were expected to be about US$14.5 million, before underwriting discounts and commissions, and other offering expenses, U Power said in a statement announcing the pricing of the IPO before the market opened on Thursday.
The proceeds will be used for marketing the company’s proprietary battery-swapping technology (UOTTA)-powered EVs, manufacturing and developing UOTTA-powered battery-swapping stations, developing and upgrading its UOTTA technologies, and working capital purposes.
Shares of U Power had moved 32.9% lower at US$28.97 in pre-market trading on Friday.
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