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China EV Startup U Power Soars 620% for Biggest US IPO Pop of the Year

U Power trading was halted at least 22 times Thursday

The startup, which aims to focus primarily on battery-swapping technology for electric vehicles, surged as high as $75 before closing at $43.18 after pricing its initial public offering at $6. It capped the best debut among companies to list in the US this year after blowing past the 255% boom seen for shares of Multi Ways Holdings Ltd.

U Power was halted at least 22 times Thursday after listing on the Nasdaq Capital Market. The company’s gross proceeds are expected to be about $14.5 million, before deducting underwriting discounts and commissions, and other offering expenses. WestPark Capital Inc. is the sole book running manager for the offering and Orientiert XYZ Securities Limited is a co-manager.

Day Range
8.10 – 75.00
Market Cap
2.2670 Bil
Volume / Avg
3.4 Mil /