On Friday, shares’ prices of Sotera Health Co., an Ohio-based medical sterilization firm backed by the Chicago-headquartered private equity fund GTCR LLC. alongside Walburg Pincus, had jumped as much as 17 per cent at its US public market debut, bolstering views on a spike in appetites for newer stocks in the New York Stock Exchange.
In point of fact, a day earlier, Sotera had raised a stark upsum of $1.1 billion at its Initial Public Offering which had priced its shares at $23 apiece, nonetheless, shares of Sotera Health opened at $27 per share on Friday’s market, valuing the company at $7.5 billion and had wrapped up the day 9 per cent higher to $25.06 a share after hitting a session high of $26.19 apiece on mid-day US trading following a weekend profit-taking sell-off wave from the investors.
Sotera Health Co. jumps in debut in latest sign of appetite for new stocks
On top of that, Friday’s US market debut of Sotera Health Co., headquartered in Ohio, came against the backdrop of an October media report that had been quoted saying that the private equity major GCTR-backed Sotera had been preparing for a US IPO which could value the company at more than $5 billion, however, Sotera market cap had broadly surpassed the expectation on Friday’s market opening, while the medical sterilization company was valued at more than $7.5 billion as beforemtioned.
In tandem, in the latest flashpoint of a feathering US stock market which has shown a sheer affection to newer stocks, another GCTR LLC-backed stock, Maravai LifeSciences had also made its Nasdaq debut on Friday and climbed as much as 18 per cent on the day’s market opening.
Concomitantly, a regulatory filing with SEC (Securities and Exchange Commission) from Sotera had reported earlier that the company had clocked a revenue of $601.3 million over the first three quarters of the year that ended on September 30, compared to $584.8 million registered in the same time a year earlier, though the company’s net income dwindled roughly 28 per cent on a year-on-year basis to $5.1 million.