Hanover Bancorp stock has made its stock market debut. What investors need to know.
Hanover Bancorp, the parent company of Hanover Community Bank, saw its share rise about 4% on its first day of trading as a public company.
Hannover (ticker: HNVR) is one of the few initial public offerings expected to launch this week. ProFrac Holding, an oil services company, is expected to open on Thursday. Bright Green Corp, a supplier of cannabis products, is also expected to make its commercial debut later this week. Several smaller biotech intrinsic medicine IPOs are also underway; Innovative Eyewear, which develops and sells smart glasses; and
a telecommunications equipment company, according to IPOScoop.com.
Hannover stock opened at $21.44 on Wednesday and recently changed hands at $21.83, up 83 cents.
The debut came after Hanover cut the size of its deal on Tuesday by more than 6% to 1.275 million shares at $21 each, the bottom of its $21-$23 price range.
Stephens and Piper Sandler are the underwriters of the agreement.
Organized in 2009, Hanover was founded to serve the South Asian community in Nassau County, New York. Michael Puorro, chairman and CEO of Hannover, led a recapitalization of the bank in 2012. Hannover made acquisitions. In 2019, the bank acquired Chinatown Federal Savings Bank, and it acquired Savoy Bank in 2021. Hanover had $1.5 billion in total assets on $1.2 billion in total deposits as of March 31, according to the prospectus. .
Hanover Community Bank, based in Mineola, New York, currently operates seven retail locations serving Long Island and the greater New York metropolitan area, according to its website.
Hannover goes public during a slow time in the new issue market. According to Dealogic, only 39 companies have gone public using traditional offerings as of May 6, raising $4 billion. That compares to 140 companies raising $56.6 billion for the same period in 2021.
Last week, Bausch + Lomb (ticker: BLCO), the eye care unit of
Bausch Health Cos
and PepGen Biotechnology (PEPG) opened. Bausch + Lomb’s stock rose more than 11% on its debut, while
increased by 7.4%.
During this time, some offers are withdrawn. The IPO of Fresh Market Holdings, a chain of specialty grocery stores backed by
Global Apollo Management
is now off.
a major South American retailer, announced Wednesday that it has agreed to buy 67% of Fresh Market for $676 million. The Berry family, a longtime supporter of Fresh Market, will have a minority, as will the management of Apollo and Fresh Market, according to a statement.
Apollo Global privatized Fresh Market in 2016 in a deal valued at around $1.4 billion. In March 2021, Fresh Market filed a confidential IPO application. It released the prospectus in July and updated the filing in March.
Write to Luisa Beltran at [email protected]