IPOs ride stock-market surge with debuts from Nextracker, Hesai Group and others

Two initial public offerings underwritten by major investment banks added shares ahead of their trading debuts on Thursday, as the new-issues market taps into strong gains by the broad equities market so far in 2023.

Meanwhile, an upcoming deal from Sondors, which makes electric bikes and motorcycles, increased the estimated dollar proceeds in its IPO. Nextracker increased the size of its IPO to 26.6 million shares from 23.26 million and priced it at $24 a share, above the estimated range of $20 to $23. Hesai Group describes itself as a leader in three-dimensional light-detection and ranging technology, which is used in passenger and commercial vehicles with driver-assistance systems, as well as in self-driving vehicles.

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