logo-loader

IPO Roundup: Blank check fintech company goes public, oil and gas firm EnVen pulls $300M IPO

A blank check company with an eye on the financial industry went public, and an energy company made news by withdrawing a high-priced offering

Colorfully written IPO with arrows pointing to the letters
East Stone offered 12 million units at $10 per unit, netting $20 million more than originally planned

East Stone Acquisition Corporation (NASDAQ:ESSCU), a newly-established blank check company incorporated in the British Virgin Islands, landed a $120 million upsized IPO.

The Massachusetts-based company offered 12 million units — each containing one share and one half a share purchase warrant — at a price of $10 per unit, netting $20 million more than originally planned.

East Stone plans to focus on businesses in the financial sector or businesses providing technological services to the financial sector. 

The firm is led by Charlie Hao and Sherman Lu, who founded the private equity firm East Stone Capital in 2017.

Trading opened at $10 on Thursday.

Withdrawn

EnVen Energy Corporation (NYSE:EVNN), an oil and natural gas company in Houston, shelved its planned $300 million IPO. 

The company is focused on deepwater oil projects in the Gulf of Mexico. It acquires and develops deepwater assets that have untapped, lower-risk drill bit opportunities.

Founded in 2014, the company originally filed to go public in October 2018.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: BioCorRx says COVID-19 will not delay their work on...

BioCorRx (OTCMKTS: BICX) CEO Brady Granier joined Steve Darling from Proactive in Vancouver to discuss if their business and research are being affected by the outbreak of COVID-19. Granier telling Proactive some of the ways the company is able to continue their works especially when it...

13 hours, 31 minutes ago

2 min read