Siemens Joint Venture Fluence Energy Climbs After IPO Exceeds Goals
(Bloomberg) -- Fluence Energy Inc., an energy-storage joint venture of Siemens and international power-plant developer AES Corp., rose in its trading debut after pricing its initial public offering above a marketed range to raise $868 million.
The shares, which sold for $28 in the IPO, rose as much as 24% Thursday and were trading for $34.50 at 2:46 p.m. in New York. The company sold 31 million shares Wednesday after marketing them for $21 to $24.
The offering by the Arlington, Virginia-based company was led by JPMorgan Chase & Co. and Morgan Stanley. The shares are trading on the Nasdaq Global Market under the symbol FLNC.
Solo Brands Inc., a Texas-based maker of backyard fire pits and and outdoor recreational gear, raised $219 million in its IPO Wednesday, pricing the shares at the top of the marketed range. The shares were up 12% to $18.96 at 2:45 p.m. in New York, giving it a market value of $1.8 billion.
The company, which grilled s’mores outside the New York Stock Exchange Thursday, saw its business accelerated by the coronavirus pandemic, Chief Executive Officer John Merris said in an interview.
“We love that it’s fire pit season,” Merris said. Solo Brands plans to use the IPO proceeds to opportunistically pursue acquisitions as well as continue its international expansion.
Solo Brands is trading on the NYSE under the symbol DTC.
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