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Skywater Technology's stock opened 11% above IPO price, then extended gains

·1 min read
Skywater Technology's stock opened 11% above IPO price, then extended gains
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SkyWater Technology Inc. received a nice reception on Wall Street, as the Minnesota-based semiconductor manufacturing services company's stock opened 10.7% above the initial public offering price, then added to gains. The company said overnight that it's IPO, which was upsized to 6.96 million shares from 5.8 million shares, priced at $14 a share, at the top of the expected range, as $97.44 million was raised. At the IPO price, the company was valued at $515.98 million. The stock's first trade on the Nasdaq was at $15.50 at 10:56 a.m. Eastern for 468,025 shares. It was recently trading up 14.1% at $15.98. Jefferies, Cowen and Piper Sandler were the underwriters of the IPO. The company recorded a net loss of $20.6 million, or sales of $140.4 million, for the year ended Jan. 3, after a loss of $16.4 million on revenue of $136.7 million, the previous year. The company went public on a day that the Renaissance IPO ETF was rallying 1.0% and the S&P 500 was rising 0.5%.