Anything having to do with electric vehicles (EVs) is absolutely skyrocketing right now. For investors in newly listed Sono (NASDAQ:SEV), today’s price action certainly has benefited from this market sentiment. Today, shares of Sono traded publicly for the first time, following the highly anticipated SEV stock IPO.
Sometimes in life, everything lines up. For electric vehicle company Sono, this IPO couldn’t have been better timed.
This IPO follows the high-profile public debut of Rivian (NASDAQ:RIVN), as well as the recent de-SPAC (special purpose acquisition company) Lucid Group (NASDAQ:LCID). Both stocks have outperformed the market by a very wide margin of late, posting eye-watering valuations.
For Sono, this has been a great thing. Shares of the EV maker doubled in earlier trading as investors sought more exposure to this sector.
Let’s dive into a few things investors may want to know about Sono following this move.
What to Know About the SEV Stock IPO Taking the Market By Storm Today
- Sono Motors is an EV company that has changed the design of its vehicles to incorporate solar panels.
- This design has struck a chord with EV aficionados, as the company reported 16,000 reservations for its vehicles.
- Today was the first day of trading for Sono on the Nasdaq exchange, under the ticker “SEV.”
- The company sold 10 million shares at $15 apiece this morning.
- However, shares quickly skyrocketed above $31 per share in earlier trading.
- There is an over-allotment option, which is likely to be exercised, for an additional 1.5 million shares.
- Accordingly, it’s expected that Sono will raise more than $172 million as a result of this offering.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.