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The most successful IPO of 2024 so far – and it’s not what you think

The most successful IPO of 2024 so far – and it's not what you think
Nemanja Curcic

A successful initial public offering is a fundraising dream come true. However, the process is demanding, takes careful planning and market timing, and there are no guarantees for success. That said, the current year has seen its share of successful IPOs, but this article’s protagonist is probably not who you think it is. Today, we’ll reveal and explore the most successful IPO of 2024 so far and share some essential information about the company.

And no, it’s not Reddit (NYSE: RDDT).

What’s an IPO?

An initial public offering (or IPO) is a process in which a private company goes public for the first time by listing its shares on a stock exchange, allowing the investing public to trade them.

IPOs primarily raise capital to fuel a company’s growth, but they can also be quite lucrative for early private investors and insider company shareholders. The preparation process is arduous and requires investment banks, underwriters, and publicization.

Notable IPOs in 2024 so far

This year, several IPOs have performed beyond expectations to raise more capital than they hoped, providing significant returns to internal shareholders and putting them on the right financial track.

On January 26, 2024, a small Chinese online marketing company, Haoxi Health Technology (NASDAQ: HAO), offered 2.4 million shares at $4 and raised $10 million. The price share jumped 32% on the first day. As of May 10, it stood at $7.82, which is 93.50% higher than initially valued.

Another notable 2024 IPO was on March 20 when Astera Labs (NASDAQ: ALAB), an AI-oriented semiconductor solutions company, offered its shares for $36, only to see that price double by the end of the day. It peaked at $95.21 on March 26 but has dropped quite a bit since. Still, it was priced at $70.08 at the market’s closing on May 10, which is a whopping return of 94.67%.

Both performances are excellent, yet they do not even get close to the most successful IPO this year.

SolarMax Technology – the most successful IPO of 2024 so far

On February 27, SolarMax Technology (NASDAQ: SMXT), an underdog solar energy company, offered 4.5 million shares for a price of $4 per share. The Wall Street debut saw $4 reach $8 by the end of its first public trading day, then fell below $5. 

However, it recovered several days later and continued to rise in the following weeks. At its peak on April 15, SolarMax Technology stock hit a peak of $14.91, or 372.75% of its initial price.

SolarMax stock price

As of writing, SMXT’s market value is $11.78, which is still a stunningly high return of 194.50%.

About SolarMax Technology

SolarMax Technology, Inc. (NASDAQ: SMXT) is an integrated solar energy company operating in the United States and China. It specializes in photovoltaic and battery backup systems, LED lighting, and construction and utilities for solar farms.

Based in Riverside, California, the company was founded in 2008. It caters to residents, commercial clients, and government institutions alike

Previous IPO attempt

SolarMax first initiated an IPO in 2016 when it registered with the SEC but withdrew in 2020 to pursue a merger with a special purpose acquisition company (SPAC), Albertson Acquisition. The deal failed as the SEC did not provide clearance by the parties’ deadline in 2022. 

Trump Media – a pompous entry into public

Why is Trump Media not listed here? Although also a major success, Trump Media & Technology Group Corp. (NASDAQ: DJT) did not go public through an IPO, instead opting for the SPAC method.

What is a SPAC?

A special purpose acquisition company (SPAC) is a publicly listed company with no actual assets except cash. Its sole purpose is to purchase a private company, which would “go public” in the process.

In the case of Trump Media, the SPAC was Digital World Acquisition Corp. or DWAC. When DWAC went public in September 2021, its initial stock price was $10, and it raised $293 million. 

After Trump Media was acquired by DWAC, the stock ticker was changed to DJT (representing Trump’s initials), and the company’s first trading week opened with a stock price of $70.90 per share, which is a return of 709% for early investors and insider shareholders.

However, the newest meme stock is extremely volatile and frequently accused of price meddling. On top of that, early investors in DWAC could not possibly know that the company would acquire Trump Media, which makes the stock an unfair candidate for the most successful public entrance, even if we disregard that we ranked only IPOs, not SPAC merges. 

The most successful IPO of 2024 so far – the bottom line

According to Stock Analysis, there have been 69 IPOs so far this year, and SolarMax Technology is by far the most successful one. It has vastly outperformed other companies and almost tripled in price since its IPO.

As not even two months passed since the company went public, it is difficult to say how the stock will perform in the future and whether you should invest in it right now. However, it might be smart to cast an occasional glance in the direction of SMXT. Just in case.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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