Spanish energy storage software management provider Turbo Energy has closed a $5 million initial public offering (IPO) and listed on the Nasdaq stock market.
The company specialises in the design, development, and production of equipment for the generation, management, and storage of photovoltaic energy.
The IPO consisted of an offering of 1 million American Depositary Shares (ADS), representing 5 million ordinary shares, at a price of $5.00 per ADS to the public for a total of $5,000,000 of gross proceeds for the company, before deducting underwriting discounts and offering expenses.
The ADS began trading on Nasdaq under the symbol â€˜TURBâ€™.
Titan Partners Group, a division of American Capital Partners, LLC, is acting as lead underwriter for the offering. Boustead Securities, LLC is acting as the representative of the underwriters.