A Utah digital bank and a mining company are going public Friday as the IPO market prepares for its annual Thanksgiving break.
New issues typically go on hiatus during the Thanksgiving holiday, which falls this year on Thursday, Nov. 25. Only one offering, from biotech Nuvectis Pharma, is scheduled to trade next week.
Friday’s deals include FinWise Bancorp and Snow Lake Resources, which will both trade on the Nasdaq.
Both companies also boosted the size of their IPOs. FinWise, a Utah digital bank, had filed to offer 3.18 million shares at $10 to $12 each and ended up selling 3.5 million shares at $10.50. It will trade under the ticker FINW. Piper Sandler & Co. and Stephens are lead underwriters on the deal.
FinWise, of Murray, Utah, makes loans to and takes deposits from consumers and small businesses. FinWise only operates one full-service banking location in Sandy, Utah, as well as a loan production office in Rockville Centre, N.Y. Total assets rose 6.3% to $338.3 million for the nine months ended Sept. 30 while total deposits grew 37% to $253 million. Total loans stood at $249.2 million, including $2.3 million in paycheck protection program loans, as of Sept. 30, a prospectus said.
Snowlake’s IPO also came in bigger than expected. The company had planned to offer 2.86 million shares at $6.50 to $7.50 a share. It sold 3.2 million at $7.50, the top of its range, raising $24 million. It will trade under the ticker LITM. Think Equity is the underwriter on the deal.
Snowlake is a mining company engaged in lithium exploration in Manitoba, Canada. Its goal is to develop a lithium mine in Manitoba that will deliver net zero carbon, battery grade lithium to the electric vehicle, or EV, consumer market. Nova Minerals , an Australian exploration company and Snowlake’s parent, will own nearly 61% of Snowlake after the IPO, a prospectus said.
Lastly, KinderCare Learning Companies, a child care center operator, has decided not to move forward with its IPO. KinderCare was slated to open for trading Thursday but delayed the offering as it waited for the Securities and Exchange Commission to declare its registration statement effective, Barron’s has reported. KinderCare had filed to offer 25.8 million shares at $18 to $21. The company, late Thursday, said it received healthy interest from investors and positive feedback through its pursuit of an IPO. “Unfortunately, due to regulatory delays outside of our control we have decided to postpone our IPO. This is a true disappointment, as the IPO was going to allow us to grow faster and serve more hard-working families while furthering our mission to provide future generations with confidence for life,” according to a statement.
Write to Luisa Beltran at luisa.beltran@dowjones.com
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November 20, 2021 at 12:05AM
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Two Companies Set to Trade Friday as IPO Market Slows - Barron's
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