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NEW YORK - Fermi Inc successfully completed its initial public offering (IPO) on Nasdaq and the London Stock Exchange, raising $682.5 million without requiring market stabilization measures, according to a post-stabilization notice issued Friday.
The company sold 32.5 million shares of common stock at $21.00 per share, excluding a potential over-allotment option. The shares are trading under the ticker symbol "FRMI" on both the Nasdaq Global Select Market and the London Stock Exchange.
UBS Securities LLC, which served as the stabilization manager for the offering, confirmed that no stabilization activities were undertaken during the post-IPO period. Stabilization measures are sometimes implemented to support a newly listed stock’s price if it falls below the offer price in early trading.
The IPO was priced at the upper end of its expected range, indicating strong investor demand for the shares. Fermi’s common stock has a par value of $0.001 per share and trades under the ISIN US3149111086.
The information was disclosed in a regulatory announcement to the London Stock Exchange, where UBS AG London Branch confirmed the completion of the offering without any market intervention being necessary.
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