August 16, 2022

Not all companies post solid gains in their market debuts. Consider VIA optronicswhich saw its shares fall 33% Friday.

VIA’s stock (ticker: VIAO) has yet to trade Friday above its $15 IPO price, making it a busted deal. Shares opened at $12, hit a high of $12.44, and ended the day at $10.01.

Earlier Friday, VIA ended up raising $93.75 million after pricing its initial public offering at the low end of the range.

VIA sold 6.25 million American Depositary Shares at $15 each, the bottom of the $15 to $17 price range investors had been told to expect, a statement said. Underwriters on the deal include Berenberg and Craig-Hallum Capital Group.

“With this IPO, we can finally unleash the full potential of the company, because we can act more freely and realize all the plans we have,” said VIA CEO Jürgen Eichner, who spoke to Barron’s before the stock began trading. “We’re happy that it happened. I’m pretty sure everyone in the company will work really hard.”

The VIA offering comes as several biotechs are also went public Friday. The list includes PMV Pharmaceuticals (PMVP), Prelude Therapeutics (PRLD), and Graybug Vision (GRAY), which all posted doubled digit gains.

VIA has been seeing strong demand for its products and the company wants to strengthen its research and development team, Eichner said.

VIA’s products are used in three sectors. In automotive, its displays can be found in navigation, instrument clusters, and rear-seat entertainment, while in industrial its technology is often used in in-flight entertainment displays, rugged laptops and marine navigational systems. In consumer electronics, VIA’s displays are typically used in notebooks, tablets and all-in-one monitors. Customers include BMW, Ferrari, General Motors (ticker: GM), Lenovo, Dell Technologies (DELL), HP (HPQ), 3M (MMM), General Electric (GE)and Honeywell (HON). The Nuremberg, Germany company also makes metal mesh touch sensors and electrode base film materials that are used in touch modules or other touch products.

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