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November 18 (Renewables Now) - German solar-powered car firm Sono Group (NASDAQ:SEV) has raised USD 150 million (EUR 132.5m) in its initial public offering (IPO) to finance the development of its first solar vehicle and made a strong debut on the Nasdaq stock exchange on Wednesday, with its shares closing nearly 155% higher than the issue price.
The Munich-based company priced the 10 million shares in its offering at USD 15, in the mid-point of the price range of USD 14 to USD 16, it was announced on Wednesday.
The shares closed 154.67% higher at USD 38.20, giving the company a market value of USD 2.75 billion.
Up to 1.5 million shares have been offered to underwriters and the offering will close on November 19.
The proceeds will be used to meet Sono's urgent need for fresh capital -- to repay debt and fund the further development and production of the Sion solar electric vehicle as well as finance the operation of the company.
Commercial production of the fully-electric vehicle, which will have solar panels integrated into its body and a battery to store the energy captured from the sun, will start in the first half of 2023. Clients have already made private reservations for 15,000 cars, corresponding to a total order value of USD 385 million.
(USD 1 = EUR 0.884)