Turbo Energy prices US IPO at low end of range

Spanish solar power and storage equipment company Turbo Energy SA (NASDAQ:TURB), which is part of Umbrella Solar Investment SA (BME:USI), has priced its initial public offering (IPO) in the US at USD 5.00 per American Depositary Share (ADSs).

The transaction raised USD 5 million (EUR 4.70m) in gross proceeds from the sale of one million ADSs. The units had been marketed at USD 5.00-USD 6.00 apiece.

The Valencia-based firm had its stock market debut on the Nasdaq stock exchange on Friday with its shares closing without a significant change at USD 5.01 apiece after reaching an intra-day high of USD 7.90. The ADSs, however, dropped 10.18% to USD 4.50 in pre-market trading as of 0513 EDT on Monday morning.

Turbo develops and distributes equipment for the generation, management and storage of photovoltaic (PV) energy, primarily selling inverters, batteries and PV modules.

The company filed for the IPO in July.

(USD 1 = EUR 0.940)

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